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June 16, 2023
A mostly flat day so far as the customer relationship management company remains range-bound between $210.63 and $214. Going into the end of today's trading session, Salesforce is trading around $212.43.
This uncertain state for Salesforce is reflected by published market data as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Salesforce made an initial break below its 21 day Simple Moving Average at $211.9, a possible indication of a forthcoming negative trend. Salesforce's upper Bollinger Band® is at $219.96, suggesting that a downward move may follow. Despite this, Salesforce is approaching key support, around $4 away from $208.42. 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 are seen in other technology stocks as Intel added 2% to its value, now trading at $36.54. After closing the previous session (yesterday) at $99.67, Sony Group Corporation lost $1.94 and is trading around $97.73. AMD is down to $120.42, losing 3.07%, after ending yesterday at $124.24.
The customer relationship management company has fallen back around 5.13% over the past 16 days, from a notable high of $223.38.
