$CRM . Salesforce breaking down.

If cloud computing is a leading sector in the tech, then the chart for is a sign that the tech industry is breaking down.

And by extension, entreprise spending is tightening in 2012.

From the Ichimoku Daily Chart, we can see that CRM as far as back as November in 2011 when it pierce through the kumo.

After which the counter rally, fail to go above the kumo.

From December till now, we can see 2 gap down on the chart; adding more strength to the bearish reading.

We can also see how the chart is showing a possible letter ‘h’ formation.

From the Weekly Chart, we can see that the next possible support is around $86



RightNow (RNOW): Cleared resistance with high volume

RightNow (RNOW) cleared resistance with high volume with news of better 3Q outlook.

Other news include announcement of new COO, Wayne Huyard.

The former COO, Susan Carstensen will head the Global Services Unit.

To me, the above is a sign that RightNow is revenue base is growing and they needed more management to help grow the company.

Tech (CRM) : Nice retracement and breakout of $77.48 (CRM) have a very nice retracement over the last few days that see it dip below the Tenkan sen follow by a nice breakout of the resistance at $77.48.

Leading kumo support is thick at around $73.48