CRM oversold conditions

What happened: Salesforce (CRM) shares plummeted to a 52-week low of $146.32 on June 22, marking a 14-day losing streak, the longest in the company's history. This 29% decline was driven by a significant drop of 41% over the past year, according to Jim Cramer. On Tuesday, CRM's RSI indicator fell to 29.1, signaling oversold conditions.

Market impact: The tech sector, particularly CRM's peers in customer relationship management software, is affected. The sell-off could be due to valuation repricing, as CRM's high growth expectations may have been reassessed. Investors may be seeking safer havens or rotating into cheaper stocks.

What to watch next: CRM's Q4 earnings report on August 24 will provide insights into the company's growth prospects and potential catalysts for a turnaround. Additionally, any changes in CRM's RSI indicator, moving towards 30 or above, could signal a shift in momentum.