Yesterday at a glance: slightly down but mostly flat: Salesforce ranged between $183.62 and $189 before closing at $183.8.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
Meanwhile, United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Trend analysis indicates that investors are seeking long positions as Salesforce price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Salesforce's upper Bollinger Band® is at $186.62 which indicates a further downward move may follow. A study of Salesforce's chart reveals various key levels to watch: Salesforce could begin to recover as it approaches significant support, now $1.85 away from $181.95. Dipping below could be an indication that further losses are ahead.
Overall, while Salesforce has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Salesforce was not the only decliner in the technology sector; ASML Holding draws back 2.57% yesterday to close at $637.38.
On the other hand, positive performances could be seen by looking at other technology stocks as Apple traded at $153.83 after closing yesterday's trading day at $151.03 (up 1.85%). SAP was up 2.42%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.
Furthermore, United States ADP Nonfarm Employment Change (Feb) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out tomorrow at 15:00 UTC.
The customer relationship management company has gained 35.67% since its lowest print of $128.27 earlier this year.