Salesforce (CRM) Earnings Favors Bulls?

Salesforce, Inc. (CRM) will announce its second quarter fiscal year 2024 results on Wednesday, August 30, 2023, after the close of the market. (1) Wall Street expects the Software as a Service company to earn $1.90 per share (EPS) with sales of $8.52 billion, compared to year ago EPS of $1.19 and $7.72 billion in sales. (2)

Salesforce is the world’s #1 customer relationship management (CRM) platform. Its cloud-based CRM applications for sales, service, marketing, and more do not require IT experts to set up or manage, simply log in and start connecting to customers.

More than 150,000 companies use Salesforce CRM to grow their businesses by strengthening customer relationships. CRM helps companies understand their customers’ needs and solve problems by better managing customer information and interactions, all on a single platform that’s always accessible from any desktop or device.

CRM’s chart is dropping hints that the quarterly check-up could push the stock higher. Shares recently broke a downtrend that began in mid-July. The trend break puts CRM on the verge of a technical buy signal. A few more positive days and the tech company’s MACD could experience a bullish crossover. As you can see on the chart below, the last three Bullish MACD crossover have been reliable for bulls.

To the upside, CRM’s 50-day moving average at $215.92 could be the first obstacle and resistance at $225 after that. To the downside, $200 is a clear point of support. Shares trade at $210.96 as we type.

OVERALL: Salesforce, Inc. (CRM) could offer a reward-to-risk ratio of 1.5 to 1 with its upcoming earnings announcement, which favors a bullish position.

Trading earnings is extremely risky and is only appropriate for speculative investors who can afford to lose money in a short timeframe.

Rich Meyers


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