Pronounced bearish sentiment in the market pushed Zendesk into a notable 0.47% slide yesterday, falling 36 cents and ultimately closing at $76.26.
- United States Building Permits (Oct) is next today at 13:30 UTC.
- Yesterday's down move comes on back of a month of trading sideways.
Earlier data releases related to Zendesk – highly important Crude Oil Inventories data from United States beat analyst expectations of -440,000 with a reading of -5.4 million. Data for United States Core Retail Sales published yesterday at 13:30 UTC came out at 1.3%, beating projections of 0.4% and showing improvement over the preceding figure of 0.1%.
Technical analysis of Zendesk before data is released:
Zendesk, Inc. made an initial break below its 50 day Simple Moving Average at $76.44, a possible indication of a forthcoming negative trend. Zendesk formed a session range of $76.22 to $76.68 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $76.45. Zendesk's upper Bollinger Band® is at $76.91 which indicates a further downward move may follow. On the other hand, note that Zendesk could begin to recover as it approaches significant support, now 15 cents away from $76.11. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Zendesk to extend its recent losses.
Coming up for Zendesk — United States Philadelphia Fed Manufacturing Index (Nov) is scheduled for today at 13:30 UTC. United States Existing Home Sales (Oct) will be released tomorrow at 15:00 UTC.
As the markets get ready for more data to be released — Coherent, Inc. closed at $37.71 (down 9%). Intel went down to $29.53, losing 3.84% after it closed at $30.71 yesterday. Salesforce closed at $155.12 (down 4.29%).
The stock has been trending positively for about 5 months. Zendesk reached a significant high of $129.12 around 6 months ago but has lost 40.66% since then.