Investors are currently sidelined due to the Thanksgiving holiday but will return to their desks tomorrow. Looking back over the previous session yesterday: bullish sentiment helped the cloud CRM provider to hammer out a noteworthy $147.55 to $152.91 range yesterday, and finally closing at $152.24 to end the session.
Salesforce's uptick comes amid good United States macroeconomic data released during the day — highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.5%.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -3.69 million.
Meanwhile, United States New Home Sales (Oct) released yesterday at 15:00 UTC with a figure of 632,000, while the previous figure was 588,000.
Salesforce made an initial breakout above its 50 day Simple Moving Average at $151.77, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $149.51 by around $2.73 with prices hammering out a $147.55 – $152.91 session range. On the other hand, note that Salesforce could be slowing down soon as it approaches resistance at $154.24. Of course, crossing it might suggest 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 NVIDIA gained 3%, as it traded at $165.19. Microsoft traded at $247.58 after closing yesterday's trading day at $245.03 (up 1.04%). Adobe traded at $335.78 after closing yesterday's trading day at $330.88 (up 1.48%).
Having set a significant high of $296.74 20 days ago, the customer relationship management company is trading 6.78% lower.