Zendesk trades at $76.09, after ending Friday at $76.18.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Zendesk's upper Bollinger Band® is at $76.83, suggesting that a downward move may follow. Despite this, Zendesk is approaching key support, around 10 cents away from $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.
Despite the market lacking direction, technical chart analysis strongly suggests Zendesk is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other technology stocks as Microsoft is up 1.77%. Coherent, Inc. is down to $31.31, losing 2.13%, after ending Friday at $32. Adobe is up 1.75%.
Moreover, United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
The stock has been trending positively for about 4 months. Approximately 6 months ago, Zendesk reached a significant high of $129.12 but has struggled to hold onto its gains and declined 41% since then.