Salesforce.com Dips into Oversold Territory Before Earnings
Salesforce.com is showing some potentially interesting patterns ahead of quarterly results tomorrow afternoon.
Notice how CRM’s decline in the last week brought the Dow Jones Industrial Average member under its 50-day simple moving average (SMA) for the first time since August.
Next, prices have revisited the $284.50 area where they peaked in August 2020 and September 2021. Will traders look for old resistance to become new support?
Third, the pullback dragged stochastics into an oversold condition.
Overall, earnings are always a period of uncertainty. But in this case, the pullback to some important levels may have offset some of the risk. That could be especially true considering CRM’s strong results on August 25 and increased revenue guidance on September 23.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
Notice how CRM’s decline in the last week brought the Dow Jones Industrial Average member under its 50-day simple moving average (SMA) for the first time since August.
Next, prices have revisited the $284.50 area where they peaked in August 2020 and September 2021. Will traders look for old resistance to become new support?
Third, the pullback dragged stochastics into an oversold condition.
Overall, earnings are always a period of uncertainty. But in this case, the pullback to some important levels may have offset some of the risk. That could be especially true considering CRM’s strong results on August 25 and increased revenue guidance on September 23.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.