$CRM makes new high in “Go” trend as momentum returns

$CRM makes new high in “Go” trend as momentum returns


May 2023


Alex Cole

SalesForce $CRM has been in a “Go” trend since mid January.

In that time it has seen a series of higher highs and higher lows that has resulted in a gain of over 40%.  Since the start of April however, price has consolidated, moving mostly sideways after the Go Countertrend Correction Icon (red arrow) that suggested price may struggle to go higher in the short term.  From that high, GoNoGo Oscillator has mostly found support at the zero line and most recently we saw a GoNoGo Squeeze as momentum struggled to find its direction.  On the last bar, we see it has broken out of the Squeeze into positive territory. This once again confirms that momentum is on the side of the “Go” trend.  This is happening as price breaks above resistance and makes a new high.  We will look for price to move higher from here.