| 
June 08, 2023
A quick look at yesterday: pronounced bearish market sentiment ensured that the customer relationship management company made a notable 3.35% loss yesterday, declining $7.12 and ultimately closing at $205.73.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 235,000. Potentially significant price fluctuations in Salesforce are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
Amid the market gloom, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
Trend-focused traders would be interested to note that Salesforce made an initial break below its 21 day Simple Moving Average at $209.16, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $205.32 currently serving as support. If price action breaks below, the next Fib hurdle is $202.85. According to asset volatility analysis, Salesforce's lower Bollinger Band® is at $199.44, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of Salesforce's chart shows that although Salesforce is pointing down today (was as low as $204.78), it's climbing away from the $201.45 support line and is now $4.28 above it.
With market volatility ebbing, the current technical outlook indicates Salesforce will remain range-bound for the immediate future.
Salesforce was not the only decliner in the technology sector; Intuit went down to $422.36, losing 5.83% after it closed at $448.49 yesterday. ServiceNow lost 4.94% yesterday and closed at $528.32. Microsoft falls 3.09% yesterday to close at $333.68.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today 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 232,000.
Having soared to a high of $223.38 approximately 8 days ago, the customer relationship management company is now trading 4.71% lower.
