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February 27, 2023
A quick look at Friday: after closing the previous trading day at $164.12 and dropping to $159.66, the customer relationship management company closed Friday at $162.2. By the end of the session, Salesforce gave up a total of 1.17%.
Salesforce made an initial break below its 200 day Simple Moving Average at $160.17, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $160.04 currently serving as support. If price action breaks below, the next Fib hurdle is $156.6. Despite this, Bollinger Bands® shows an indication of recovery: the lower band is at $160.22, a low enough level to, generally, suggest that Salesforce is trading below its fair value. Salesforce could begin to recover as it approaches significant support, now $3.52 away from $158.68. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Salesforce.
Salesforce was not the only decliner in the technology sector; Adobe closed at $320.54 (down 7.63%). Microsoft closed at $249.22 (down 2.18%). SAP closed at $113.18 (down 2.44%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
The customer relationship management company is up 27.95% from the significant low of $128.27 it hit 2 months ago.
