Earnings Play: Salesforce.com
Jason Lubin May 27, 2020 10:48 AM
Key levels ahead of Salesforce.com earnings release on Thursday
On Thursday, after market, Salesforce.com (CRM) is expected to announce first quarter EPS of $0.70 compared to $0.93 a year ago on revenue of approximately $4.8B vs. $3.7B last year. The company develops business software and on May 13th, the Board of Directors appointed Gavin Patterson as the company's new President and Chief Revenue Officer.
From a chartist's point of view, Salesforce.com's stock price has just dipped below the lower trend line of an ascending wedge pattern that price has been rising within since mid-March. Price was stopped at the $183.00 resistance level twice in May, where the second peak closed below the first, a bearish signal. The RSI has crossed to the downside of a rising trend line that the indicator has been holding above since mid-March. Price may fall to the $165.00 support level and pierce it on the way to $155.00. If price can manage to get back above the lower trend line of the ascending wedge pattern and reach the $183.00 resistance level, then we may see a run towards record highs around $196.00.
Source: GAIN Capital, TradingView
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