Aug. 30 at 10:11 PM
$CRM Technical framework... support, resistance & mean reversion. For those mapping out levels following the post-ER spike, here's the current structure I'm watching across multiple timeframes:
Overbought momentum: With the stock now +74.96% off its 52-wk low (+41.66% this month alone), daily RSI is pressing extreme overbought territory at 80.8, while ADX expansion highlights a trend stretched thin into horizontal resistance (R-1 263.83).
Weekly mean reversion: The weekly frame shows price stretched well above key moving averages. Historically, rallies extending above the 200-wk SMA (~236.81) consistently mean-revert back down to baseline support, with at least 5 to 6 clear rollovers to this level over the past 2 yrs.
Overhead resistance: If momentum carries through R-1, the secondary macro resistance cluster sits at R-2 (273.00), followed by the R-3 (294.83) structural shelf. If tested, that offers an area to add to the LEAP puts initiated Friday at the HOD (currently sitting at a 1/2 position).
Support downside targets: Initial breakdown support sits at S-1 (235.52) right into the 200-wk SMA baseline (~236.81). A break of S-1 opens the door to fill the daily gap down into S-2 (212.26), which remains my primary target for any serious re-engagement on the long side.
I'm managing risk around these structural boundaries... letting the current structure develop before considering long re-entry. Please do your own work. Just sharing my thoughts and positioning.
