SalesForce gives in to negative pressures - Analysis - 01-06-2022

Economies.com
2022-06-01 13:49PM UTC

SalesForce's stock (CRM) returned lower with a spike in trading volumes in trading volumes, amid the dominance of the main downward short-term trend, with negative pressure from the 50-day SMA, as the RSI reached overbought levels compared to the stock's movements, hinting at negative divergence, with a loss of 2.94%, or 4.86 points, settling at 160.24, with trading volumes surpassing 18.1 million shares, above 10-day averages of 8.5 million shares. 

 

SalesForce reported earnings of $7.41 billion, up 24% from last year, or 26% adjusted, beating estimates of $7.38 billion. 

 

The company said expects total earnings of $21.5 billion in the next 12 months, up 21% from a year ago, with operational cash flow hitting $3.68 billion, up 14%. 

 

We expect more losses for the stock, targeting the support of 148.00, provided the resistance of 184.44 holds on.

 

SalesForce is a software company that presents solutions for client relations management based on cloud services, and it has over 150 thousand clients. 

 

Expected trend for today: Bearish

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