Customer relationship management firm Salesforce (CRM) is set to report its fiscal third-quarter 2023 financial results after the closing bell Wednesday. Will shareholders get some help or be disappointed?
Let's see what we can glean from the charts and indicators.
In the daily bar chart of CRM, below, we can see that the shares have been in a downward trend the past 12 months. CRM made lows in October and November but the rebounds off of these lows have been relatively weak and not long sustained.
Trading volume has been a little more active the past three months, which is typically is a good sign, but the daily On-Balance-Volume (OBV) line remains depressed. The Moving Average Convergence Divergence (MACD) oscillator is struggling to improve.
In the weekly Japanese candlestick chart of CRM, below, we see a bearish chart display. The shares are in a longer-term downtrend as they trade below the negatively sloped 40-week moving average line. The candles are not showing me a bottom reversal pattern and no large lower shadows.
The OBV line is not too promising with a three-year decline in force. The MACD oscillator is still bearish.
In this daily Point and Figure chart of CRM, below, we can see a potential upside price target in the $209 area. A trade at $142 could turn the price target to the downside.
In this weekly Point and Figure chart of CRM, below, a price target in the $223 area is projected.
Bottom-line strategy: I have no special knowledge of what CRM is going to tell shareholders and analysts but the overall impression I get from the charts and indicators is that the longer-term downtrend is likely to continue.
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