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May 31, 2023
The customer relationship management company reached $222.22, breaking a 1 year record. Later, it lost $3.26 and is now trading at $218.96.
Salesforce is currently trading at $218.96 following the release of JOLTs Job Openings (Apr) data from the United States.
Salesforce's state is reflected by market data as United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. Highly important Consumer Confidence data from United States beat analyst expectations of 99 with a reading of 102.3. United States OPEC Crude Oil Production Algeria (Barrel) released today at 14:15 UTC with a figure of 960,000, while the previous figure was 1,000,000.
Technical analysis shows that Salesforce is approaching key support, around $3.2 away from $215.76. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend and momentum analysis indicates that investors are seeking long positions as Salesforce price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of Salesforce's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Salesforce's upper Bollinger Band® is at $221, suggesting that a downward move may follow.
Notwithstanding Salesforce's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other technology stocks as Intel is trading at $30.98 after ending yesterday's session at $30 (up 3.28%). After closing the previous session (yesterday) at $125.27, AMD lost $5.66 and is trading around $119.61. TSM is down to $98.88, losing 3.04%, after ending yesterday at $102.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC. United States ADP Nonfarm Employment Change (May) scheduled to come out tomorrow at 12:15 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000. United States ISM Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC.
The stock has been trending positively for about 3 months. The past 3 months have been positive for the cloud CRM provider as it added 33.78% compared to its 3-month low of $128.27.
