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Since stocks seem to have been hijacked by Greece lately, Jim Cramer wondered how to get a read on some of his favorite tech stocks. The "Mad Money" host has focused heavily on Twitter this week, but what about the two beloved tech titans Apple and Salesforce?
Looking at the charts, Moreno preferred Salesforce. He pointed out that it has traded in a large triangle pattern during the 12 months ending this past February. Since then, it traded sideways, and spiked up in April amid takeover rumors. And while it has since pulled back again, Moreno noted that it has stayed above its 10-week moving average.
Ultimately, Moreno liked what he saw with Salesforce and thinks it will continue on an uptrend. Even the money-flow index on the chart suggests that money flow will continue to trend higher, perhaps even up to $80.
"He thinks it's a buy right here, although if it drops below $70, Moreno says all bets are off," Cramer added.
What about Apple?
Cramer's opinion on Apple is pretty clear, as he has shared his mantra of "own it, don't trade it" a million times over. Does Moreno agree?
Apple's weekly chart resembles that of a staircase, periods of the stock moving up, followed by trading sideways for a few months. Moreno pointed out that Apple has been stuck in one of those consolidation phases lately.
But that's what Apple does—it goes into a consolidation period, and then roars higher. Moreno pointed out that the daily chart shows a strong floor of support around $123.50, which is about $3 from where it closed on Tuesday. He thinks it would be a terrific buy if the stock pulls back to $123.50, as its powerful uptrend is still intact for the long term.
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So, while both Salesforce and Apple haven't been that exciting lately, Cramer thinks investors should not be discouraged. (Tweet This) The charts indicate that both stocks are just taking a breather before heading higher.
"I have to agree with him. As always you own Apple, don't trade it, just like Moreno's charts would suggest, and I think Salesforce has a fantastic long-term story," Cramer said.