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May 16, 2023
A quick look at yesterday: an influx of buyers helped the customer relationship management company to end the session higher around $203.33, while establishing a $202.47 to $205.37 session range yesterday.
At the same time, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Salesforce broke through the $205 resistance and climbed $1.66 above it. Despite posting gains on yesterday, Salesforce slid below its 3 day Simple Moving Average at $203.38 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $206.19, thereby suggesting that Salesforce is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for Salesforce.
A look at other technology stocks also showed bullish price action as Applied Materials added 4.32% to its value, and traded at $121.11. Intel was up 2.94%. Adobe was up 3.05%.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to -1.3 million while its preceding data was 2.95 million, data will be available tomorrow at 14:30 UTC.
The stock has been trending positively for about 2 months. The cloud CRM provider has managed to gain 51.44% so far this year despite trading at lows around $128.27 previously.
