Salesforce.com has already broken through an ascending triangle setup yesterday and has continued onward today with upward price trend. Looking at the indicators on the Daily, there are no oppositions against this current price movement "yet". I say yet because the Weekly UO/RSI differ from the Daily.
The Weekly shows divergence in current price trend.
Weekly shows downward momentum.
This leads me to believe that the current price action will BOUNCE off the upper resistance.
Won't know for sure until it does.
Timing lines up pretty well with the pending quarterly announcement coming out next week from SalesForce.
Need to see Weekly UO and RSI to change direction to confirm breakout to the upside.
Could go "short" or "long" here.
If UO/RSI on the Daily show correction next week then expect a bounce off the resistance line.
Short down to support line on triangle.
Then if Weekly UO/RSI confirm upward direction expect long and breakout from triangle to upside.
Happy Trading
The Weekly shows divergence in current price trend.
Weekly shows downward momentum.
This leads me to believe that the current price action will BOUNCE off the upper resistance.
Won't know for sure until it does.
Timing lines up pretty well with the pending quarterly announcement coming out next week from SalesForce.
Need to see Weekly UO and RSI to change direction to confirm breakout to the upside.
Could go "short" or "long" here.
If UO/RSI on the Daily show correction next week then expect a bounce off the resistance line.
Short down to support line on triangle.
Then if Weekly UO/RSI confirm upward direction expect long and breakout from triangle to upside.
Happy Trading