Cloud Stocks Are Rising
This morning, all of the leading cloud computing stocks are trading higher despite a slightly weaker stock market. Leading cloud computing stocks such as VMWare Inc (NYSE:VMW), Salesforce.com Inc (NYSE:CRM), Riverbed Technology Inc (NASDAQ:RVBD), and Citrix Systems Inc (NASDAQ:CTXS) are all sharply higher at the start of the trading session. It is important to note that these market leaders are coming into short term daily chart resistance.
Short term day traders can watch CRM stock for intra-day resistance around the $117.00 and $119.00 levels. The stock will have daily chart resistance around the $121.00 area.