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April 14, 2023
In the midst of a 3 day bullish trend, Today's session might suggest a slow down — the cloud CRM provider drops 0.06% in early trade and remains within touching distance of the $193.91 level.
This uncertain state for Salesforce is reflected by published market data as Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. United States Retail Sales published today at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure. Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%.
Salesforce's upper Bollinger Band® is at $200.29, suggesting that a downward move may follow. On the other hand, note that Salesforce is climbing away and is now $4.89 from the $189.02 support line.
Despite the market lacking direction, technical chart analysis strongly suggests Salesforce is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other technology stocks as after closing the previous session (yesterday) at $285.27, Accenture plc Class A (Ireland) lost $6.08 and is trading around $279.19. Microsoft is trading around $285.91 (down 1.36%).
The stock has been trending positively for about a month. The customer relationship management company has gained 43.95% since its lowest print of $128.27 earlier this year.
