New All-Time Highs Are Coming For Salesforce Stock If It Sees A Breakout In The Coming Days

Salesforce.com Inc. CRM shares are trading higher Thursday after the company raised its fiscal year 2022 guidance, and initiated 2023 guidance.

The company now expects its fiscal year 2022 revenue to be in a range of $26.25 billion to $26.35 billion versus the estimate of $26.31 billion.

Salesforce closed up 7.2% at $277.86.

Salesforce.com Daily Chart Analysis

• The stock is trading in what technical traders call an ascending triangle pattern, and is nearing the possible resistance made from all-time highs.
• The $285 level is close to where the stock previously made its all-time highs, and a likely spot for the stock to find resistance.
• The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been climbing throughout the past few weeks and now sits at 71. This shows that the RSI has reached the overbought area, and that there is much more buying pressure in the stock than selling pressure.

What’s Next For Salesforce.com?

Bullish traders are looking to see the stock continue to trade above the higher low trendline and make new all-time highs. Bulls would then want to see some consolidation above this area, and then for the stock to continue upward above the higher low trendline.

Bears are looking to see the stock break below the higher low trendline for a possible change in trend and for the stock to begin downtrending. A break below the moving averages may also cause the stock to change sentiment and become more bearish.