Always keep an eye on massive stock pullbacks.

As we noted on May 30, “ (CRM) plummeted from about $2780 to $217.47 with a first-quarter revenue miss. But it appears the pullback is overdone. Goldman Sachs reiterated a buy rating on the stock, with a price target of $315. JPMorgan analyst Mark Murphy even said the pullback was overdone.”

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A day later, the stock was up $16.43 a share to $234.44.

From here, we’d like to see CRM refill its bearish gap around $270 a share. Better, CRM is just starting to pivot from over-extensions on RSI, MACD, and Williams’ %R.


Ian Cooper