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June 04, 2023
Salesforce is on a 3 day downtrend A slight improvement can be seen from Friday's session: without a clear direction, Salesforce closed at $213.03 while ranging between $210.43 and $216.12.
Salesforce made an initial break below its 10 day Simple Moving Average at $213, a possible indication of a forthcoming negative trend. Salesforce's upper Bollinger Band® is at $221.44, suggesting that a downward move may follow. On the other hand, note that Salesforce is approaching key support, around $2.77 away from $210.26. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Salesforce is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other technology stocks as IBM gained 2%, as it traded at $132.42. Accenture plc Class A (Ireland) traded at $311.39 after closing Friday's trading day at $305.2 (up 2.03%).
Data to be released tomorrow might clear up some of the market fog as United States ISM Non-Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC.
The stock has been trending positively for about 3 months. Approximately 4 days ago, the cloud CRM provider reached a significant high of $223.38 but has struggled to hold onto its gains and declined 4.69% since then.
