Nvidia Isn't the Only Important Tech Stock Reporting Wednesday

The market is keyed in on earnings from Nvidia scheduled for after the market close on Wednesday. However, there's another well-known tech name slated to report as well.

Salesforce CRM is scheduled to post its latest quarterly numbers after the close of trading on Wednesday. Will CRM be on a stronger footing or will it have problems?

Let's check the charts of this stock.

In the daily bar chart of CRM, below, I can see that the shares have filled a downside price gap from late May. CRM is trading between the 50-day line and the 200-day line. 

The trading volume has been light since the price gap and suggests that investors have not come back into this name. The On-Balance-Volume (OBV) line has been neutral since early March. 

The Moving Average Convergence Divergence (MACD) oscillator is only slightly above the zero line.

In the weekly Japanese candlestick chart of CRM, below, I can see a setup that suggests we can see further declines. CRM trades below the 40-week moving average line and rallies to the underside of the line have stalled. 

The weekly OBV line has moved sideways since March. The MACD oscillator is below the zero line.

In this daily Point and Figure chart of CRM, below, I can see a potential downside price target in the $205 area. I can also see that prices have rallied to the underside of a downtrend line.

Bottom-line strategy: I have no special knowledge of what CRM will tell analysts and shareholders Wednesday, but the charts suggest the next move in price is likely to be lower.

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