Though in the midst of a 7 day uptrend, gaining a total of 13.11%, ($19.64), The prevailing bullish trend is beginning to fade following Friday's downbeat session. Grinding lower but with no clear-cut direction, the cloud CRM provider closed the session at $164.52 after forming a distinct $163.61 – $167.24 range.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Salesforce is in an overbought condition. Friday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Asset volatility analysis shows that Salesforce's upper Bollinger Band® is at $167.02 which indicates a further downward move may follow. Salesforce chart analysis: Salesforce could begin to recover as it approaches significant support, now $1.52 away from $163. Dipping below could be an indication that further losses are ahead.
Overall, while Salesforce has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Salesforce was not the only decliner in the technology sector; Intel went down to $28.16, losing 6.41% after it closed at $30.09 Friday.
On the other hand, positive performances could be seen by looking at other technology stocks as Intuit traded at $422.62 after closing Friday's trading day at $412.55 (up 2.44%).
Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 109. It previously stood at 108.3; data will be released tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. The customer relationship management company has managed to gain 21.97% so far this year despite trading at lows around $128.27 previously.