Last night CRM beat estimates on both the top and bottom lines. The beat wasn't exceptional and forward guidance wasn't raised significantly. But what matters is the market's reaction. Price has gapped off its 10 MA weekly and vaulted on massive volume to fresh 52 week highs.
CRM has been posting double digit sales and double and triple digit EPS gains on a year over year basis for at least eight quarters and that is forecasted to continue.
This morning price has taken out the early gap up highs signalling that shares are likely to only go higher during a continued market uptrend. We would recommend entry at the market (where price is currently trading around $53).
Your stop should be the day's low. But given CRM's performance thus far we think this has an excellent chance of resuming a powerful run.
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