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Here’s The Salesforce (CRM) Trade Level

Recently, leading enterprise software stock, Salesforce.com (CRM), has come under some sharp selling pressure. Salesforce.com Inc (CRM) just announced that they would acquire Slack (WORK) in a cash-and-stock deal worth $27.7 billion. Often, the company making the acquisition will decline as is the case herewith Salesfor.com. Salesforce.com Inc (CRM) stock is now trading below it’s important 50-day moving average. This puts the stock in a weak technical position on the charts in the near term.

So far, CRM shares have been defended around the $220.00 level. Please note, the stock traded as low as $215.63 a share on December 2nd, 2020. Currently, the stock is trading at $226.54. Traders must now watch the recent low on a closing basis. Any close below the $215.63 level should trigger a further decline in the shares. The next major support level for CRM stock will be down around the $200.00 level. This key support area is where the stock broke out in August 2020 from a two month sideways base. It is also where the 200-day moving average is and this makes for an excellent support area when tested. I would look to own shares in Salesforce.com around the major support level.

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