Earnings Play: Salesforce.com
Jason Lubin May 28, 2020 12:48 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
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.