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Salesforce (CRM) - Get Salesforce Inc. Report is set to report earnings after the close of trading on Tuesday. If Monday and early Tuesday are any precursors to the event then investors don't have much to look forward to.

Although it recovered a bulk of its losses from Monday, ending the day down "just" 1.2% at $161, shares were down about 3% at its session low. The fact that Coupa (COUP) - Get Coupa Software Incorporated Report stock couldn't rally after the bell on its quarterly report isn't helping sentiment, nor is Salesforce's decline on Tuesday.

TheStreet's Jim Cramer even pointed out the weakness among cloud stocks. Usually that is not a great sign in the short term, he said. 

So what can investors expect after Salesforce reports its third-quarter earnings? While we don't know what the results are or how CRM stock will react, we can take a look at the charts to identify key levels in the stock price -- levels that may step in as resistance or support depending on the stock's reaction.

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Trading Salesforce Stock

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While Salesforce stock put together a solid bounce in Monday's afternoon trading session, it's again under pressure Tuesday along with the rest of the market. In fact, Salesforce has taken out Monday's low, even as it rallies from the session low.

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As if trading around earnings isn't enough of a dice roll, doing so as market volatility is spiking makes it especially difficult. Let's wait for the company to release its quarterly results after the close, and see if a trading opportunity emerges afterward.

So what are the must-know levels here?

If the reaction is negative and Salesforce stock declines, look for support between $152.50 and $155. Here, CRM stock has the 50-day, 100-day and 200-day moving averages, as well as the backside of prior downtrend support (blue line) in play.

This downtrend mark was a significant level of resistance in 2019 and when Salesforce broke out over it in October, it spurred a solid rally. If support doesn't hold in this area, look for a decline down toward the $142 to $144 area. This has been range support throughout 2019.

On the flip side, range resistance has come into play between $166 to $167. In that regard, look for a rally up to this area on a positive post-earnings reaction.

The stock would need a 6%+ rally to break out over this level. If it can, that's great news for the bulls, but they will need to hold the $166 to $167 area as support going forward. Opening above and failing to close over this area, or rallying up to it and failing to breakout, will keep this zone intact as resistance for the time being.

Long story short: Watch $152.50 to $155 as the first level of downside support. Below puts $142 to $144 on the table. On a rally, see if Salesforce stock can break out over $166 to $167 resistance.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.