The cloud CRM provider dropped to its lowest point in 2 years at $130.91. It later recovered $2.36 and trades at $133.27.
Salesforce is currently trading at $133.27 following the release of EIA Short-Term Energy Outlook data from the United States.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. Data from United States concerning Exports was released today at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 258.5 billion to 256.6 billion this month.
Chart analysis indicates although Salesforce is down today and was as low as $130.91, it seems to be recovering slightly and climbing away from the $129.76 support line and is now $3.51 above it. Concerning technical analysis and more specifically, trend indicators, 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $134.79, a low enough level to, generally, suggest that Salesforce is trading below its fair value.
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; Accenture plc Class A (Ireland) went down 2.5%, closed at $292.74. Apple went down to $142.91, losing 2.54% after it closed at $146.63 today. AMD lost 4.55% today and closed at $70.27.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
The customer relationship management company is now trading 49.84% below the significant high of $267 it set around 11 months ago.