Friday at a glance: a tough session dominated by bearish sentiment left Salesforce $6.56 lower, while setting a $136.04 to $146.95 session range.
Trend and momentum analysis indicates that 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $135.58, a low enough level to, generally, suggest that Salesforce is trading below its fair value. Support/Resistance levels obtained from chart analysis indicate that Salesforce could begin to recover as it approaches significant support, now $4.88 away from $134.89. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Salesforce is likely to remain muted for the immediate future, with no clear-cut direction.
Furthermore, United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
3 days ago, the cloud CRM provider fell to a low of $139.77 but has since recovered 4.69%.