Salesforce stock closed the week of Aug. 24 up 22.4%, its sharpest weekly gain in years, after record quarterly results and an expanded Anthropic partnership.
The rally broke a 20-month downtrend and lifted Salesforce (CRM) out of its spot as the worst-performing Dow stock of 2026.
Record Quarter and Claudeforce Deal Reset the Bear Case
Salesforce reported second-quarter revenue of $11.3 billion, up 11% year over year. Current remaining performance obligations climbed 14% in constant currency to $33.5 billion.
Agentforce’s annual recurring revenue passed $1.5 billion, a 240% increase. Management raised full-year guidance to a range of $46.1 billion to $46.4 billion.
Anthropic and the company announced Claudeforce the same evening, embedding Claude models across enterprise workflows. That answered the argument that AI agents would replace seat-based software.
Investors had priced that argument aggressively. Salesforce traded about 35% lower on the year at its July low.
One caveat matters. Roughly $2.43 per share of the earnings beat came from a gain on the company’s own Anthropic stake.
Weekly Chart Confirms a 20-Month Breakout
The weekly chart shows the price clearing the descending trendline that capped every rally since January 2025. CRM also reclaimed its 200-week moving average near $232.
That average held as support four times before giving way in early 2026. Weekly volume printed the largest bar on the chart, while RSI returned to 70.
CRM Price Prediction Points to $282 With $230 as the Floor
The daily chart dates the break to Aug. 19 and a retest at $198.95 on Aug. 26. Price then gapped open at $230.05, landing on the 0.382 Fibonacci retracement.
CRM last closed at $256.93, stalling at the 0.5 retracement of $256.71. A move above the December swing high near $267 could open $282.76, about 10% higher.
Support sits at $230.65, where the 0.382 level, the rising Supertrend, and the 200-week average converge. A break below would likely bring $198.42 back into view.
Momentum suggests patience. Daily RSI near 80 and a price 37% above the 50-day average indicate a stretched move. Nvidia traders watched a similar earnings pop fade last week.
Holding $230 keeps the breakout intact. Losing it would mark the gap as an overshoot.
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