For his final "Executive Decision" segment of Mad Money Thursday evening, Jim Cramer checked in Marc Benioff, founder, chair and CEO of Salesforce.com (CRM) , a company working hard to help companies and governments fight the coronavirus.
Benioff said every technology company needs to stay relevant and keep innovating and that's what Salesforce has done with Work.com, its site that helps companies reopen safely. There are 35 states and countless companies using Salesforce's tools for contact tracing, one of the many important steps in helping to contain the spread of the virus.
Benioff said to be completely safe, we must rethink the contactless office, he said. Employees need to work in shifts, stay spread apart and take other precautions, all of which Work.com can help them with.
Let's check out the charts of Action Alerts PLUS holding CRM while wearing our masks and working from home.
In the updated daily bar chart of CRM, below, we can see that the shares retested the February high this month but have yet to break out to a new 52-week high. Prices are retreating a little with weakness in the broader market. The $180-$170 area is likely to provide some degree of support. CRM is above the rising 50-day moving average line and the rising 200-day moving average line. A bullish golden cross of these two averages can be seen earlier this month.
Trading volume has been steady this month. The daily On-Balance-Volume has followed prices higher and lower in June and is still in an uptrend from early April. The Moving Average Convergence Divergence (MACD) oscillator has been firming lately above the zero line. A new buy signal is pending.
In the weekly bar chart of CRM, below, we can see the trends over the past three years. Prices have spent most of the time above the rising 40-week moving average line like they are today.
The weekly OBV line has been steady or stable the past four months. The MACD oscillator crossed above the zero line in May for an outright long signal.
In this daily Point and Figure chart of CRM, below, we see that the software is projecting a potential upside price target of around $211.
In this weekly Point and Figure chart of CRM, below, we can see a potential $285 price target.
Bottom-line strategy: Aggressive traders could use the recent pullback in price to go long or add to longs risking a close below $170 now. Our price targets are $211 and $285 now.