Friday at a glance: the cloud CRM provider found support around the $139.77 level, after closing Thursday at $146.33 and dropping by 4.48% Friday.
Trend 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. Asset volatility analysis shows that Salesforce's lower Bollinger Band® is at $135.58, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates 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.
With market volatility ebbing, the current technical outlook indicates Salesforce will remain range-bound for the immediate future.
Furthermore, United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
3 days ago, the customer relationship management company fell to a low of $139.77 but has since recovered 4.69%.