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June 22, 2023
Yesterday at a glance: in yesterday's bearish session, the customer relationship management company shed around 3.4% in quick fashion, found support around the $208.07 level and finally closed at $209.59. In contrast, the day's events followed Tuesday's session in which the stock closed at $216.97.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 260,000. Salesforce reaction to indicator information will follow.
Meanwhile, United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.
Visual analysis of Salesforce's chart shows that Salesforce could begin to recover as it approaches significant support, now $3.75 away from $205.84. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Salesforce made an initial break below its 21 day Simple Moving Average at $212.18, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $213.32, market bears have earmarked $205.32 as the next downside target. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $204.42, a low enough level to, generally, suggest that Salesforce is trading below its fair value.
Overall, the technical outlook suggests Salesforce is likely to remain muted for the immediate future, with no clear-cut direction.
Salesforce was not the only decliner in the technology sector; Intel dips 6% yesterday to close at $35. AMD falls 5.73% yesterday to close at $118.93. Qualcomm went down to $115.76, losing 3.39% after it closed at $119.82 yesterday.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.87 million while previous data was 7.92 million; data will be released today at 15:00 UTC.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published today at 12:30 UTC.
Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC.
Salesforce hit a significant low of $128.27 around 6 months ago, but has since recovered 69.15%.
