Salesforce, Inc. is a prominent cloud-based software company that offers customer relationship management (CRM) software and applications for diverse industries and businesses. It is listed on the New York Stock Exchange (NYSE) with the ticker symbol CRM.
Salesforce stock is trading at $225.60, up by $0.45 or 0.20% from the previous close. Salesforce stock has a 52-week price range of $126.34 to $238.22. Salesforce has a market value of $219.73 billion. It has a P/E ratio of 594.06 and an EPS of $0.37. Salesforce does not pay a dividend. According to 52 analysts surveyed by Investing.com, the average analyst rating of Salesforce is Buy.
On the weekly chart, Salesforce, Inc.’s stock price has broken above the 50 and 200-day moving averages, indicating the strength of the bulls. CRM stock price has proven that the market is positive. Furthermore, RSI and MACD are also bullish on the weekly chart.
CRM Stock Price Technical Analysis
The RSI is at 57.12 and is heading towards the overbought zone. The 14-day SMA value is 62.60, which means that Salesforce, Inc.’s price is above the average as of now.
Currently, MACD is in the bullish area. The MACD value is 3.81 and the signal value is 4.28, and both are heading downwards. This means that the bullish momentum is weakening and a bearish crossover has occurred, indicating a negative trend.
The Bollinger Bands for CRM’s stock have an upper band of $237.91, a middle band of $222.58, and a lower band of $207.25. The stock’s price is above the middle band, indicating a neutral trend. However, the price is also close to the upper band, which suggests that the stock is overbought and may face resistance. The Bollinger Bands are also narrowing, implying lower volatility and a potential breakout ahead.
Conclusion
Salesforce, Inc. stock has displayed impressive performance and momentum. The stock is hitting new highs and breaking above the 50- and 200-day moving averages on both daily and weekly charts. The price, RSI, and MACD are all bullish, signaling a strong uptrend and a positive outlook. However, the stock is already overpriced, so investors should be cautious and invest wisely.
Technical Levels:
- Support – The current support level is $209.
- Resistance –The current resistance level is $240.
Disclaimer
The prediction given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in stock is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/31/salesforce-stock-forecast-bullish-trend-weakening-in-august/