Swing Trade Idea (CRM) – September 27, 2022
Our bearish trade for Tuesday, September 27th is Salesforce Inc. (CRM). CRM is part of the Technology Sector, which has performed at -15.90% over the last month, with CRM performing in unison with its sector.
CRM failed to break above its 55 Day EMA, from where it broke below a major support level at $155. The 1M and 6M trends are bearish and it has a relative strength of 3 (out of 10). This provides a good risk/reward bearish entry.
As a close, if CRM were to trade above $155 for multiple days, this would invalidate our analysis and we would consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves below $2.98.
