Salesforce Gears Up For Q2: Will Earnings Validate Bullish Trend?

Salesforce Inc CRM will be reporting its second-quarter earnings on Wednesday. Wall Street expects $2.36 in EPS and $9.2 billion in revenues as the company reports after market hours.

The stock is up 24% over the past year and has gained 2.6% YTD.

Let’s look at what the charts indicate for Salesforce stock and how the stock currently maps against Wall Street estimates.

Salesforce Stock Chart’s Strong Bullish Trend Ahead Of Q2 Earnings 

Salesforce stock is currently demonstrating a strong bullish trend, with its share price of $260.54 positioned above its five, 20 and 50-day exponential moving averages, indicating upward momentum and slight buying pressure.

Chart created using Benzinga Pro

The current price is slightly below the eight-day simple moving average of $262.44, signaling a bearish outlook. However, the stock remains above its 20-day and 50-day simple moving averages of $254.92 and $252.74, respectively, signaling a bullish technical stance.

The stock price is also slightly below the 200-day simple moving average of $267.21, which suggests some longer-term caution.

Chart created using Benzinga Pro

The Moving Average Convergence Divergence (MACD) indicator at 3 supports a continued bullish trend, while the Relative Strength Index (RSI) of 54.23 suggests the stock is maintaining its strength, though it’s not yet in overbought territory.

Additionally, with Bollinger Bands (25) ranging from $239.36 to $271.36 and the price trading within the upper band, there is further evidence of bullish momentum for Salesforce stock.

Overall, the technical indicators point to a predominantly bullish outlook for Salesforce stock, though traders should be mindful of potentially approaching overbought conditions.

Read Also: Here’s How Much $100 Invested In Salesforce 20 Years Ago Would Be Worth Today

Salesforce Analysts See 15% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Salesforce stock stands at a Buy, with a price target of $295.19. The latest analyst ratings for Salesforce stock, released by Citigroup, Evercore ISI Group and BofA Securities in August, have an average price target of $302, indicating a potential upside of 15.78% for the stock.

CRM Price Action: Salesforce stock is down 0.6% $263.45 at the time of publication Tuesday.

Read Next:

• Salesforce Q2 Preview: Analyst Sees Soft Cloud Demand But Highlights Data Cloud’s Growing Impact

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