A quick look at Friday: pronounced bullish sentiment in the market helped the customer relationship management company to make a notable 0.77% gain Friday, rising $1.52 and ultimately closing at $199.03.
Concerning technical analysis and more specifically, trend indicators, Salesforce made an initial breakout above its 5 day Simple Moving Average at $197.33, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Salesforce's upper Bollinger Band® is at $201.75, this is a slight indication of a slowdown. Chart analysis indicates Salesforce could be slowing down soon as it approaches resistance at $199.95. Of course, crossing it might suggest further gains are ahead.
Notwithstanding Salesforce's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Salesforce's share price coincided with other technology stocks as SAP was up 5.59%.
While Salesforce was bullish Friday, the following technology stocks underperformed: TSM dips 4.39% Friday to close at $89.29. Intel lost 1.81% Friday and closed at $30.3.
Furthermore, the market is looking at projections for United States Consumer Confidence are set for a continuation of decline with 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.
The market is looking forward to the release of new data: United States Building Permits is scheduled for tomorrow at 13:30 UTC. United States New Home Sales (Mar) is expected tomorrow at 14:00 UTC.
The stock has been trending positively for about 2 months. The cloud CRM provider has managed to gain 48.21% so far this year despite trading at lows around $128.27 previously.
