$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


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