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May 23, 2023
As the current session draws to a close, the cloud CRM provider is hovering around the $207.08 level after closing yesterday at $210.26 and dropping by 1.51%.
Salesforce is currently trading at $207.08 following the release of Fed Chair Powell speech data from the United States.
Meanwhile, United States New Home Sales (Apr) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6. United States Building Permits came out at 1.15 million, while a consensus of analysts was expecting 1.42 million.
Salesforce's upper Bollinger Band® is at $214.18 which indicates a further downward move may follow. In contrast, Salesforce could begin to recover as it approaches significant support, now 12 cents away from $206.96. Dipping below could be an indication that further losses are ahead.
In the short term, Salesforce is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other technology stocks as after closing the previous session (yesterday) at $101.77, Oracle lost $3.27 and is trading around $98.5. After closing the previous session (yesterday) at $133.29, SAP lost $3.29 and is trading around $130. Sony Group Corporation is down 2.6% from the beginning of the session and now trades around $95.06.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
The stock has been trending positively for about 2 months. The customer relationship management company has fallen back around 1.43% over the past 5 days, from a notable high of $213.32.
