Salesforce Stock Looks Ready to Topple Technical Ceiling

Year-to-date, CRM already boasts a 49.1% lead

Digital Content Manager
Apr 18, 2023 at 11:56 AM
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Salesforce Inc (NYSE:CRM) stock is once again running into resistance at the $200 level, which capped its late-March rally. Last seen up 0.5% at $197.91 while eyeing a fifth-straight win, shares earlier notched a fresh one-year high, with long-term support from their 40-day moving average containing several pullbacks since the beginning of 2023.

CRM 40 Day

A historically bullish signal now flashing could help CRM topple that aforementioned ceiling and add to its 49.1% year-to-date lead. According to Schaeffer's Quantitative Analyst Rocky White, the equity's recent rally comes amid historically low implied volatility (IV), which has been a bullish combination for the shares in the past.

White's data shows four other signals during the last five years when the security was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) sat in the 20th percentile of its annual range or lower. This is now the case with Salesforce stock's SVI of 26%, which sits in the 1st percentile of its annual range. 

One month after these signals, shares were higher 75% of the time, averaging a 4.6% pop. From its current perch, a move of similar magnitude would put CRM at $207.01 -- another one-year high.

While the brokerage bunch is already optimistic toward CRM, there's still plenty of room for upgrades, which would generate  additional tailwinds. Of the 37 analysts in question, 13 still rate the security a "hold" or worse.

 It's also worth noting the equity's Schaeffer's Volatility Scorecard (SVS) ranks at 73 out of 100, suggesting Salesforce stock has exceeded volatility expectations over the past year.

 

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