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March 02, 2023
The customer relationship management company traded at $186.59 today, after making its biggest single-day jump of $19.24 (11.5%) since September 2021.
Salesforce's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims improved upon its previous reading of 192,000 with a new data release of 190,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
At the same time, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
A study of Salesforce's chart reveals various key levels to watch: although Salesforce is appreciating today after rising as high as $193.91, price action is now slowing and consolidating around $10.69 below the $197.28 resistance level. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Salesforce price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, according to technical analysis of Salesforce's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $182.7, thereby suggesting that Salesforce is becoming overvalued.
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 coincided with other technology stocks as Intel traded at $26.2 after closing today's trading day at $25.33 (up 3.43%). Adobe traded at $333.5 after closing today's trading day at $323.38 (up 3.13%). Microsoft gained 1.97%, as it traded at $251.11.
The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
The cloud CRM provider has managed to gain 24.17% so far this year despite trading at lows around $128.27 previously.
