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May 08, 2023
Friday at a glance: the cloud CRM provider rose as high as $198.1 before giving up its gains and dropping back to $197.59 before the close on Friday.
Technical analysis of Salesforce's past price action reveals multiple support and resistance levels: although Salesforce is appreciating today after rising as high as $198.1, price action is now slowing and consolidating around $1.79 below the $199.38 resistance level. Trend-following investors would be interested to note that Salesforce made an initial breakout above its 5 day Simple Moving Average at $195, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $201.32, thereby suggesting that Salesforce is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates Salesforce will remain range-bound for the immediate future.
A look at other technology stocks also showed bullish price action as Apple added 4.69% to its value, and traded at $173.57. Adobe gained 3.74%, as it traded at $348.4. Texas Instruments added 2.96% to its value, and traded at $165.82.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
The stock has been trending positively for about 2 months. This year has been a bright one for the cloud CRM provider after trading as low as $128.27 and going on to appreciate by 48.48% year to date.
