Upcoming Earnings:

Salesforce, Inc. (ticker: CRM) is scheduled to report earnings after the market closes on 29 May. The consensus EPS estimate for the fiscal quarter ending April 2024 is $1.82. The reported EPS for the same quarter a year prior was $1.15.

Further Selling?

Thursday’s session concluded on its lows, down nearly -2.0%. The trend in this market is now considered bearish: we have had a series of lower lows and lower highs since forming the all-time high of $318.71 in March.

From the Ichimoku Cloud’s perspective, which is the difference between the Leading Span A and the Leading Span B, this stock is also in a bearish downtrend: the Leading Span A is below the Leading Span B and we have a resistance zone to work with between $289.36 and $280.23. However, as you can see, price action has turned lower ahead of this area in favour of reacting to the upper edge of a bearish channel, taken from the high of $277.67 (some may also view this as a bearish flag pattern).

Price action also recently closed below the conversion line and is now nearing a close below the base line (which would be a bearish signal).

Price Direction?

The downtrend, along with the bearish response below the Ichimoku Cloud resistance area and price being on the edge of closing below the base line, opens things up for a push towards support at $263.42.

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