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May 12, 2023
Yesterday at a glance: after closing the previous trading day at $204.85 and dropping to $198.55, the customer relationship management company closed yesterday at $203.47. By the end of the session, Salesforce gave up a total of 0.67%.
Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. United States Initial Jobless Claims fell short of the 245,000 projections, with new data of 264,000.
Amid the market gloom, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
Salesforce could begin to recover as it approaches significant support, now $3.39 away from $200.08. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Salesforce peaked above its 3 day Simple Moving Average around $201.31 — typically an early indicator of a new bullish trend beginning to emerge. In contrast, Salesforce's upper Bollinger Band® is at $205.12 which indicates a further downward move may follow.
Salesforce might continue its recent uptrend in the short term, according to technical analysis.
Salesforce was not the only decliner in the technology sector; Intel lost 3.7% yesterday and closed at $28.86. Qualcomm went down to $104.06, losing 2.25% after it closed at $106.46 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as Accenture plc Class A (Ireland) added 1.26% to its value, and traded at $272.27.
The stock has been trending positively for about 2 months. This year has been a bright one for the customer relationship management company after trading as low as $128.27 and going on to appreciate by 50.45% year to date.
