Yesterday at a glance: without a clear direction, Zendesk closed at $76.5 while ranging between $76.32 and $76.5.
Uncertainty around Zendesk is reflected by published market data as United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Support/Resistance levels obtained from chart analysis indicate that Zendesk, Inc. is approaching key support, around 23 cents away from $76.27. 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. Concerning technical analysis and more specifically, trend indicators, Zendesk made an initial breakout above its 50 day Simple Moving Average at $76.49, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Zendesk’s upper Bollinger band is at $76.86, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates Zendesk will remain range-bound for the immediate future.
Meanwhile, mixed performances were seen by other technology stocks as Microsoft traded at $237.53 after closing yesterday’s trading day at $228.56 (up 3.92%). Intuit traded at $403.74 after closing yesterday’s trading day at $380.11 (up 6.22%). Accenture plc Class A (Ireland) traded at $262.22 after closing yesterday’s trading day at $252.72 (up 3.76%).
Data to be released today might clear up some of the market fog as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million. United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about 4 months. Zendesk has shed 37.2% over the past six months.