Salesforce.com, Inc. (NYSE: CRM) stock is currently trading at $270.90, up 0.2% from the previous close. Despite a recent bearish trend that led to a decrease from its record high of $318.72 on March 1st, there is hope for a turnaround as the stock is close to its historically bullish trendline. Over the past month, the stock has fallen by 11.6% and is approaching its breakeven point for the year.
The stock recently touched its 126-day moving average, which it has been trading above for several months. This trend has historically resulted in positive returns for Salesforce stock, with gains of 5.5% one month after the signal. If history repeats itself, the stock could reach $286 in the near future.
The put/call volume ratio for the stock stands at 0.91, indicating a strong interest in long puts but also suggesting potential for an upward movement if this pessimistic sentiment changes. Additionally, the stock’s 14-day relative strength index (RSI) shows that it is oversold, suggesting possible gains in the short term. Options for the stock are currently inexpensive, with the Schaeffer’s Volatility Index (SVI) at 29%, ranking in the 20th percentile which suggests potential investors to buy options on this asset class if they believe that volatility will increase over time or they want to hedge against downside risks .
Overall, despite recent struggles and oversold condition of RSI , there are signs pointing towards a potential recovery for Salesforce
