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July 03, 2023
Today at a glance: after closing at $211.26 on Friday, Salesforce maintained a strong bullish bias that helped the stock close higher at $211.91 today. However, market bears ensured the the cloud CRM provider topped out at $211.96 and that by the end of the session, the market had marked out a distinct $209.92 to $211.96 range.
Salesforce is currently trading at $211.91 following the release of ISM Manufacturing PMI (Jun) data from the United States.
Meanwhile, United States ISM Manufacturing PMI (Jun) released today at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) released today at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.
Trend-focused traders would be interested to note that Salesforce made an initial breakout above its 21 day Simple Moving Average at $211.19, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $216.2, thereby suggesting that Salesforce is becoming overvalued. Technical analysis shows that Salesforce could be slowing down soon; it is getting close to the resistance line and is now at $213.09, only $1.18 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Notwithstanding Salesforce's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other technology stocks also showed bullish price action as Sony Group Corporation was up 1.95%. TSM traded at $102.82 after closing today's trading day at $100.92 (up 1.88%).
While Salesforce was bullish today, the following technology stocks underperformed: Oracle went down 1.63%, closed at $119.09.
Pointing downwards for around a month. The customer relationship management company has appreciated 56.74% over the past six months.
