Stock of the day: Salesforce

By Tomasz Wisniewski|

Published: August 31 2023, 08:36 GMT+0

Stock of the day: Salesforce

Hello investors, today’s stock focus is on Salesforce, a leader in CRM software, that just released its earnings. The results are in, and they’re impressive—earnings per share (EPS) came in at $2.12, outperforming the expected $1.9, and revenue reached $8.6 billion, surpassing the anticipated $8.53 billion. These stronger-than-expected figures have already sparked a positive reaction in after-hours trading, with the stock rising by 5.5%.

Interestingly, the stock had already flashed a buy signal even before the earnings announcement. This signal was triggered yesterday following the formation of a head-and-shoulders pattern, marked in yellow. The price broke through the neckline of this formation, marked with a blue line, which traditionally is a bullish indicator.

As we look forward, the critical factor for maintaining this bullish momentum will be whether the stock can remain above this blue neckline. A sustained price above this line will solidify the bullish sentiment. Conversely, should the price fall back below this level, the previous buy signal would be negated, offering a potential short-selling opportunity.

In conclusion, Salesforce’s robust earnings have further strengthened an already bullish technical picture. However, investors should continue to watch the blue neckline as an indicator for either maintaining long positions or considering a short play. Keep these dynamics in mind as you evaluate your investment strategy in Salesforce. Thank you for joining today’s stock analysis.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-salesforce

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