A quick look at today: bullish sentiment helped the customer relationship management company to hammer out a noteworthy $161.69 to $166.03 range today, and finally closing at $165.27 to end the session.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
Salesforce's uptick comes amid disappointing United States macroeconomic data released during the session – United States Consumer Confidence fell short of the 106.5 projections, with new data of 102.5.
Meanwhile, United States API Weekly Crude Oil Stock came out at 4.52 million, while a consensus of analysts was expecting 200,000. United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.46, while the previous figure was 4.29.
Investors are seeking long positions as Salesforce price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Salesforce has crossed the upper Bollinger Band® at $164.42, a potential sign that further gains are to follow. In contrast, Salesforce could be slowing down soon; it is getting close to the resistance line and is now at $166.55, only $1.28 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Salesforce might continue pointing upwards in the short term.
A look at other technology stocks also showed bullish price action as SAP was up 5.83%. Coherent, Inc. was up 5.06%. NVIDIA was up 5.25%.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 200,000, having previously been at -1.73 million. The figure will be published tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States New Home Sales (Sep) is expected tomorrow at 14:00 UTC.
Having set a significant high of $309.96 11 days ago, the cloud CRM provider is trading 12.96% lower.