Salesforce, Inc. (CRM) , the cloud-based software company, is due to report their latest quarterly figures after the close of trading Tuesday. In our last review of CRM on March 2 we wrote that, "CRM could see a rebound rally back up into the $240-$255 area, but without a new base formation in place I do not expect the rally to be sustained. Nimble traders could play the bounce if they desire, but investors should remain patient."
Let's check on things again.
In the daily bar chart of CRM, below, we can see that the shares have begun to stabilize in recent weeks. CRM is still trading below the declining 50-day moving average line as well as the bearish 200-day line.
The trading volume has been steady since the middle of April but the On-Balance-Volume (OBV) is showing some improvement and a tilt towards more aggressive buying. The Moving Average Convergence Divergence (MACD) has crossed to the upside for a cover shorts buy signal.