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April 22, 2023
Yesterday at a glance: an influx of buyers helped the cloud CRM provider to end the session higher around $199.03, while establishing a $196.47 to $199.12 session range yesterday.
Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Concerning technical analysis and more specifically, trend indicators, Salesforce made an initial breakout above its 5 day Simple Moving Average at $197.33, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Salesforce's upper Bollinger Band® is at $201.75, this is a slight indication of a slowdown. Technical chart analysis shows Salesforce is 92 cents away from testing key resistance at $199.95. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding Salesforce's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Salesforce's share price coincided with other technology stocks as SAP was up 5.59%.
While Salesforce was bullish yesterday, the following technology stocks underperformed: TSM closed at $85.37 (down 4.39%). Intel closed at $30.3 (down 1.81%).
The stock has been trending positively for about 2 months. The cloud CRM provider has managed to gain 48.21% so far this year despite trading at lows around $128.27 previously.
