Salesforce.com Dips into Oversold Territory Before EarningsSalesforce.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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