We reviewed the charts and indicators of Salesforce.com ( CRM) back on Dec. 21 and suggested to Real Money subscribers" that CRM could stabilize around current levels, but the Point and Figure charts have lower price targets. Let's continue to stand aside and see how things develop. Let someone else test the temperature of the water. Glad we had a stop at $265." 
Prices gapped lower earlier this month and have continued to sink lower. Let's check the charts again.
In this daily bar chart of CRM, below, we can see that prices are below the cresting 200-day moving average line and below the declining 50-day line. The On-Balance-Volume (OBV) line has weakened from the middle of November and tells me that sellers of CRM have been more aggressive with heavier trading volume seen on days when CRM has closed lower. The Moving Average Convergence Divergence (MACD) oscillator remains bearish.
In this weekly Japanese candlestick chart of CRM, below, is not helping the longs. Prices made a large red (bearish) candle below the 40-week moving average line. The weekly OBV line shows a clear decline in progress. The MACD oscillator crossed to the downside and is heading towards the zero-line.
In this daily Point and Figure chart of CRM, below, we can see a downside price target of $205.
In this weekly Point and Figure chart of CRM, below, we see that the software is projecting a target in the $193 area. A decline to $193 would mean that the March lows were broken and that is not a positive.
Bottom line strategy: We find no technical reasons yet to recommend purchase or repurchase of CRM. Continue to avoid the long side.
