Without a clear-cut direction, Salesforce is trading around $151.72 and ranging between $150.13 and $153.22.
- United States Fed Chair Powell speech is next.
- While flat so far today, Salesforce is on a 6 day bullish trend, gaining a total of $6.83 throughout.
Earlier data releases related to Salesforce – highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million. Data for United States Pending Home Sales published today at 15:00 UTC came out at -4.6%, beating projections of -5% and showing improvement over the preceding figure of -8.7%.
Here is the technical analysis of Salesforce before its data is released:
Salesforce made an initial break below its 50 day Simple Moving Average at $151.6, a possible indication of a forthcoming negative trend. In contrast, Salesforce is approaching key support, around $2.15 away from $149.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Salesforce is positioned for a downward move in the near term.
Coming up for Salesforce — United States Core PCE Price Index (MoM) (Oct) will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 235,000, having previously been at 240,000. The figure will be published tomorrow at 13:30 UTC.
As the markets get ready for more data to be released — Intuit is up 3.9%. Intel is down 1.96% from the beginning of the session and now trades around $28.34. TSM is up 1.89%.
Having set a significant high of $296.74 26 days ago, the customer relationship management company is trading 8.52% lower.