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February 22, 2023
After closing the previous trading day at $161.62, Salesforce is up to $163.4, which makes for a move of 1.1%/$1.78 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
At the same time, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Salesforce's lower Bollinger Band® is at $158.72, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Salesforce to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the customer relationship management company is expected to pick up significant bullish sentiment in the coming days.
This rally in Salesforce's share price coincides with other technology stocks as Intuit is up 1.14%. Adobe is up 1.17%.
While Salesforce is higher so far today, these technology stocks are struggling: after closing the previous session (yesterday) at $49.69, Cisco Systems lost 66.94 cents and is trading around $49.02.
Also worthy of note, United States Crude Oil Inventories expected to decline to 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
The market is looking forward to the release of new data: United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
The cloud CRM provider has gained 19.91% since its lowest print of $128.27 earlier this year.
