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April 26, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: the cloud CRM provider dropped 2.18% early on and traded close to the $190.67 level.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Salesforce are expected to follow.
United States Consumer Confidence fell short of the 104 projections, with new data of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Salesforce's lower Bollinger Band® is at $188.65, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Salesforce could begin to recover as it approaches significant support, now $1.18 away from $189.49. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that Salesforce (currently on a downtrend) might reverse course and start going up in the short term.
Salesforce was not the only decliner in the technology sector; Intuit closed at $419.83 (down 5.08%). Texas Instruments closed at $169.39 (down 3.7%). Accenture plc Class A (Ireland) went down to $270.7, losing 2.36% after it closed at $277.25 yesterday.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. As things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published tomorrow at 14:00 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million, having previously been at -4.58 million. The figure will be published today at 14:30 UTC.
The stock has been trending positively for about 2 months. Salesforce hit a significant low of $128.27 around 4 months ago, but has since recovered 51.96%.
