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April 18, 2023
Salesforce is on a bit of a rollercoaster today: spiking to $200.12 only to drop back to $197.08, now rallying again to $197.84.
At the same time, United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%. United States Building Permits came out at -8.8%, while a consensus of analysts was expecting -6%.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Salesforce's upper Bollinger Band® is at $200.74, this is a slight indication of a slowdown. Analysis of Salesforce's recent price action suggests Salesforce could be slowing down soon as it approaches resistance at $201.52. Of course, crossing it might suggest further gains are ahead.
Overall, while Salesforce has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Salesforce's share price coincides with other technology stocks as NVIDIA added 2.92% to its value, now trading at $277.91. Apple gained 0.3%, currently at $165.73.
While Salesforce is higher so far today, these technology stocks are struggling: Qualcomm is down 0.95% from the beginning of the session and now trades around $118.24.
Also worthy of note, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.
The stock has been trending positively for about a month. The cloud CRM provider has managed to gain 46.22% so far this year despite trading at lows around $128.27 previously.
