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Salesforce (NYSE: $CRM) Surge on Strong Earnings ReportSalesforce.com Inc. ( NYSE:CRM ), the global leader in customer relationship management software, has witnessed a notable 4.8% jump in premarket trading, trading at $271.25, following its robust second-quarter earnings report. The company’s impressive performance and upgraded full-year profit outlook have set the stage for a potential breakout from its current technical formation, signaling a promising trend for investors. Let’s dissect the fundamental strengths driving Salesforce’s stock and explore the technical factors that could influence its future trajectory. Earnings Beat and Strategic Initiatives Salesforce ( NYSE:CRM ) exceeded expectations with its second-quarter results, revealing strong performance in both revenue and profitability. The company reported better-than-expected earnings and raised its profit forecast for the fiscal year ending January 2025. This upbeat report was fueled by increased customer spending on Salesforce’s suite of cloud products, particularly as companies invest more heavily in AI-driven solutions. The enterprise software giant also announced a strategic push into artificial intelligence (AI), integrating these technologies into its products like Slack. This move is seen as a significant growth driver, positioning Salesforce as a potential leader in AI-enhanced CRM solutions. Despite a challenging environment marked by leaner corporate budgets and intensified competition, Salesforce managed to deliver better-than-anticipated results, showcasing its resilience and strategic foresight. Moreover, the company’s market capitalization is set to increase by $14 billion if the premarket gains hold, bringing its valuation to approximately $248 billion. This reflects strong investor confidence in Salesforce’s growth prospects, bolstered by its AI initiatives and ongoing restructuring efforts aimed at expanding margins. Technical Outlook: Symmetrical Triangle Breakout From a technical perspective, Salesforce’s stock is at a critical juncture. The shares have been trading within a symmetrical triangle pattern since mid-May, with the recent earnings-related pop positioning the stock for a potential breakout above the pattern’s top trendline. This trendline, currently at $265, has previously served as a resistance level but could now flip to act as future support, particularly with the nearby upward-sloping 200-day moving average reinforcing this level. The key price levels to monitor include $287, $311, and $340: - $287: This level represents a potential area of overhead selling pressure, stemming from a trendline that connects April 15’s gap day high with a period of consolidation in May. - $311: A move above $287 could see the stock advance to this level, which aligns with trading ranges from March and early April, just below the record high. - $340: Based on the symmetrical triangle’s measuring principle, adding the distance of the triangle to the top trendline projects a target of $340. This level represents a significant upside potential and could mark a new high for Salesforce. The breakout from the symmetrical triangle pattern, if confirmed, could signal the start of a new upward trend. However, investors should be prepared for potential retracements and monitor the $265 level for support, as this area is critical in determining whether the breakout will sustain. Strategic Considerations and Future Catalysts Despite the positive earnings report, some analysts caution that sustained rally potential may require additional catalysts. Upcoming events such as the Dreamforce conference and new AI solution launches could provide further impetus for growth. Salesforce’s planned introduction of the Agentforce platform, still not commercially available, might also play a pivotal role in driving future growth. Goldman Sachs analyst Kash Rangan highlights Salesforce as an “under-appreciated AI winner,” thanks to its differentiated data and early success with GenAI agents. This recognition underscores the company’s potential to leverage its AI investments for continued market leadership. In conclusion, Salesforce’s strong earnings and strategic AI focus have positioned the stock for a potential technical breakout. While the current bullish trend is promising, investors should keep an eye on key price levels and remain vigilant for any emerging catalysts that could further drive the stock’s performance.
NYSE:CRMLong
by DEXWireNews
Salesforce Potential Resistance Breakout At $265.94 27.08.2024Apply risk management Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure. BDSwiss is a trading name of BDS Markets and BDS Ltd. BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene. BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles. Payment transactions are managed by BDS Markets (Registration number: 143350) Disclaimer
NYSE:CRMLong
by Stuart_Cowell
Ichimoku Watch: Salesforce Poised to Breakout Higher?Upcoming Earnings Salesforce, Inc. (ticker: CRM) is scheduled to report earnings after the market closes on 28 August. The consensus earnings per share (EPS) estimate for the fiscal quarter ending July 2024 is $1.73. The reported EPS for the same quarter a year prior was $1.63. Vulnerable Resistance? Resistance is currently being tested at US$263.42 but shows signs of giving way. While a head-and-shoulders top pattern was recently completed at the underside of the aforementioned resistance (this is more visible on the H1 chart), which could see short-term shorts enter the market and aim at the pattern’s profit objective of around US$253.63, sellers have been unwilling to demonstrate much commitment at resistance in recent trading. Ichimoku Support You can see price action closed above the Ichimoku Indicator’s Conversion Line (blue at US$260.27) as well as the Base Line (red at US$260.19), and the Ichimoku Cloud is seen nearby. This comprises the Leading Span B (light orange at US$251.40) and the Leading Span A (light green at US$260.33). As a result, the stock has sufficient support to withstand selling. Should a breakout to the upside occur, this could trigger breakout buy-stops and power a move towards the next layer of resistance coming in at US$279.28. Price Direction Although sellers may enter the market from current resistance, the nearby Ichimoku support and the lack of bearishness could eventually stir up a bullish move to target fresh resistance at US$279.28.
NYSE:CRMLong
by FPMarkets
Gray clouds for GrowthStocks without AIHello Trader, The cloud enterprise sector is starting to anticipate a number of gray clouds and it is starting to look like there are several companies favored to get their act together or fall off the AI Boom list. The Cloud services industry includes giants such as: - Salesforce(NASDAQ:CRM) - MongoDB(NASDAQ:MDB) - WorkDay(NASDAQ:WDAY) With BVP Nasdaq experiencing a 10% correction this year, and the reason is the transition of GrowthStocks to Mature - consolidated companies and that makes them miss their own current sector trend. In addition to this, native AI companies are putting these giants in trouble. Do you think it might be the right time to invest in any of these three? Please, I look forward to your comments! Happy week end. Ion Jauregui - Analyst ActivTrades ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
NYSE:CRMLong
by ActivTrades
CRM - Continuation of the Downtrend CycleThe alignment and compaction of Fiboclouds signal the continuation of the downward movement. If this projection is confirmed and a partial realization occurs at the first target, the stop loss should be moved from its initial position to the same line where the position was entered. This way, the journey towards the final target will proceed with reduced risk of losses and the preservation of the partial gains achieved so far. Follow us to receive notifications of new trades as well as frequent updates on ongoing trades. Finally, if you agree with the idea or found it useful, please give it a BOOST so that it can reach more people! Thank you!
NYSE:CRMLong
by EthosInvest
A RARE OPPORTUNITYSalesforce is the largest CRM software provider with a presence in over 100 countries and they power some of the largest companies globally. Fundamentally, Salesforce is a strong company, and historical financial statements are more than enough evidence for continued growth into the future. Thursday's sell-off was an over-reaction of the market and it provided us with an opportunity to buy into the company. Technically, the share price was too risky, and a double-top profit-taking signal was bound to be triggered. The abnormal sell-off provided us with a RARE opportunity to buy Salesforce stocks at an attractive discount. If the price breaks the shoulder line, we will add to our holdings, if the price recovers to $300, we will offload 50% of the position and let the remaining 50% run for dividends accumulation and capital gains.
NYSE:CRMLong
by Candles254
CRM Bullish Signal Bearish SentimentCRM recently posted their Earnings but had a huge over reaction and fell down almost 20% in a long term chart you can see a clear formation of cup and handle which is a very bullish pattern for a long term horizon CRM has strong fundamentals Right now CRM is in bearish trend can fall up to 200 but this is where the opportunity arises Start accumulating at current prices until 200 drop STOP LOSS @ 195 Entry @ now until 200 drop TP would be amazing as it will bounce back to its previous top of 315
NYSE:CRMLong
by vortexTradingSolutions