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May 04, 2023
Yesterday at a glance: despite the risk-off mood, Salesforce was range-bound between $192.56 to $195.79 and settled at $192.61.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 240,000. Potentially significant price fluctuations in Salesforce are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.
Despite being in the red so far in the current trading session, Salesforce peaked above its 21 day Simple Moving Average around $195 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $188.35, a low enough level to, generally, suggest that Salesforce is trading below its fair value. Salesforce could begin to recover as it approaches significant support, now $1.09 away from $191.52. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Salesforce (currently on a downtrend) might reverse course and start pointing upward in the short term.
Salesforce was not the only decliner in the technology sector; AMD went down to $81.62, losing 9.22% after it closed at $89.91 yesterday. Adobe dips 6.35% yesterday to close at $368.66.
On the other hand, positive performances could be seen by looking at other technology stocks as Intel was up 2.96%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 236,000, data will be available tomorrow at 12:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 230,000. New data is set to be published today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
The stock has been trending positively for about 2 months. Having set a significant low of $128.27 4 months ago, the customer relationship management company is trading 51.12% higher.
