Salesforce (CRM) shares are in the spotlight this week as the cloud software company is scheduled to release its 澳洲幸运5官方开奖结果体彩网:quarterly earnings report after the market closes on Tuesday.

Analysts expect the software maker to report a 7% jump in 澳洲幸运5官方开奖结果体彩网:year-over-year (YOY) revenue during the quarter, boosted by growing demand for the company’s 澳洲幸运5官方开奖结果体彩网:generative artificial intelligence🅷 (AI) product offerings.

In particular, investors will likely be seeking updates about demand for the company’s recently launched Agentforce platform, which enables customers to build and deploy 澳洲幸运5官方开奖结果体彩网:AI agents that 𒐪can autonomously make informed decisions and perform various business functions.

Salesforce shares were up slightly at around $332 in midday trading Monday. The stock has gained 26% since the start of the year, in line with the S&P 500's increase over the period.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on the Salesforce 澳洲幸运5官方开奖结果体彩网:weekly chart ahead of the company’s quarterly report and identify important price levels worth watc💜hing out for.

Cup and Handle Pattern

Salesforce shares formed a textbook 澳洲幸运5官方开奖结果体彩网:cup and handle between November 2021 and November this⛦ year be🦹fore breaking out above the bullish chart pattern last month.

However, the stock retraced towards the formation's top 澳洲幸运5官方开奖结果体彩网:trendline last week, suggesting caution among investors ahe🅠ad of the software maker's quarterly results.

Ahead of the company's earnings report, let’s point out three important 澳洲幸运5官方开奖结果体彩网:support levels to monitor and also use the stock’s chart to projects a potential upside 澳洲幸运5官方开奖结果体彩网:price target.

Important Support Levels to Monitor

The first lower support level to watch sits around $312. This area on the chart could find buying interest near the cup and handle pattern’s upper trendline, which may flip from providing prior 澳洲幸运5官方开奖结果体彩网:resistance into offering future support.

The bulls' failure to defend this level could see the shares fall to the $270 area, a location where the price may encounter support from a trendline that connects a range of similar trading🐓 levels on the chart from August 2020 to August this year.

A steeper drop opens the door for a retest of lower support near $232. Investors may look for buy-and-hold 澳洲幸运5官方开奖结果体彩网:entry points around this area close to a 澳洲幸运5官方开奖结果体彩网:horizontal line that links multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart extending back to September 2020.

Upside Price Target to Watch

Investors can forecast an upside target using the 澳洲幸运5官方开奖结果体彩网:measuring principle, a chart-based technique that analyzes the stock’s prior price moves to predict future moves.

To apply the tool to the Salesforce chart, we measure the depth of the cup and handle’s “cup” and add that amount to the pattern’s top trendline. In other words, we add $188 to $312, which projects an upside target of $500, a region where those who have purchased the stock at lower levels may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits.

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