| 
May 19, 2023
Today at a glance: a tough session dominated by bearish sentiment left Salesforce $2.96 lower, while setting a $209.93 to $213.12 session range.
Salesforce is currently trading at $210.36 following the release of Fed Chair Powell speech data from the United States.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000.
While price action maintains a negative bias, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Technical analysis trend indicators suggest that investors are seeking long positions as Salesforce price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Today's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Asset volatility analysis shows that Salesforce's upper Bollinger Band® is at $213.9 which indicates a further downward move may follow. Visual analysis of Salesforce's chart shows that Salesforce could begin to recover as it approaches significant support, now $1.25 away from $209.11. Dipping below could be an indication that further losses are ahead.
Notwithstanding Salesforce's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Salesforce was not the only decliner in the technology sector; Applied Materials closed at $126.95 (down 2.29%).
On the other hand, positive performances could be seen by looking at other technology stocks as Adobe gained 3%, as it traded at $371.25. Cisco Systems traded at $49.13 after closing today's trading day at $48.2 (up 1.93%).
The stock has been trending positively for about 2 months. Salesforce hit a significant low of $128.27 around 5 months ago, but has since recovered 66.31%.
