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Cloud Stocks Fail to Float Higher
This morning, many of the leading cloud computing stocks are failing to rally with the technology sector. This is very strange since the NASDAQ Composite is higher by 2.00 percent at the open of the session. One of the leading cloud computing stocks in the market is Salesforce.com Inc (CRM). This stock is trading lower by 0.73 cents to $149.25 a share.
The stock is sitting right on the daily chart 50 moving average, which is short-term support. Should this level fail to hold as support and break lower the the stock could decline down to the $142.75 area. Short term traders can watch for intra-day support around the $148.00 and $144.50 levels.
Some other leading cloud stocks that are failing to rally higher include F5 Networks, Inc. (FFIV), Netflix, Inc. (NFLX), Riverbed Technology, Inc. (RVBD) and Akamai Technologies, Inc. (AKAM). At this time, the weakness in the cloud computing sector should be noted. Should the major stock indexes start to decline these stocks would likely lead the markets lower as they have poor relative strength today.
Nicholas Santiago
InTheMoneyStocks.com
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