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March 06, 2023
Salesforce is on a 9 day uptrend — Bucking the trend and turning lower, slightly weaker but mostly flat: Salesforce is currently trading at $185.84 as it maintains an active range between $184.9 and $189.
Meanwhile, United States Factory Orders released today at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Technical chart analysis shows Salesforce could begin to recover as it approaches significant support, now $1.95 away from $183.89. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as Salesforce price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Salesforce is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that Salesforce's upper Bollinger Band® is at $185.21 which indicates a further downward move may follow.
Notwithstanding Salesforce's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Positive performances can be seen by looking at other technology stocks as Apple is up 2.16%. SAP is up 2.18%.
Furthermore, United States Fed Chair Powell testimony is scheduled tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
The cloud CRM provider has gained 38.32% since its lowest print of $128.27 earlier this year.
