Benioff said that Salesforce has a dream of achieving $50 billion in revenues and they're very excited about where they are today and where they are heading. He attributed their success to simply delivering the solutions customers need to be successful.
Benioff said he's especially proud of their new vaccine cloud offering, which is helping to manage the mountain of logistics needed to get everyone in America vaccinated as quickly as possible.
We reviewed the charts and indicators of CRM on Feb. 19 and concluded that, "The charts and indicators for CRM are improving, but are not at the point of pounding the table."
Let's check the charts again now that TheStreet's Quant Ratings service just downgraded the stock to a hold.
In the daily bar chart of CRM, below, we can see that prices have been under selling pressure in recent days. CRM is trading below the 50-day and the 200-day moving averages -- that has not happened in a long time.
The daily On-Balance-Volume (OBV) line has weakened since the middle of the month and tells us that sellers of CRM have been more aggressive with heavier volume being traded on days when the stock has closed lower. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside and is only a fraction above the zero line. We could see an outright sell signal in a few days.
In the weekly Japanese candlestick chart of CRM, below, the latest candle pattern has not been plotted. We can use our imagination to see that prices are below the rising 40-week moving average line which intersects at $125.
The weekly OBV line has been sinking since August and tells us that sellers of CRM have been more aggressive for several months. The MACD oscillator narrowed for a few weeks but quickly turned lower again.
In this daily Point and Figure chart of CRM, below, we can see a potential downside price target in the $198 area.
In this weekly Point and Figure chart of CRM, below, we can see a potential longer-term price target of $326. Now we just have to deal with this current weakness.
Bottom-line strategy: CRM is weakening and could test/break its January low. This weakness, should it occur, is likely to precipitate further declines. Avoid the long side for now.