Salesforce Inc (NYSE:CRM) stock is surging Wednesday. The move appears driven by a broader recovery in tech and software stocks after cooler inflation data from the Bureau of Economic Analysis (BEA), rather than any major company news today.
18% gain. 4%.
7% consensus. 75%-4% on Oct.
1% chance of a quarter-point hike. Cooler-than-expected inflation can support tech stocks by reducing expectations for higher interest rates, easing pressure on growth-oriented companies’ valuations.
Read Also: Trump's $5,000 Check Proposal Draws Limited Support, as Survey Finds Americans Back Cross-Party Populist Policies to Cut Living Costs AI Acquisition Announcement The market advance follows an announcement Tuesday, when Salesforce signed a definitive agreement to buy AI customer research platform Listen Labs. 2% above its 50-day SMA and nearly 20% above its 100-day SMA, with a golden cross that formed in September (50-day SMA above the 200-day SMA).
6% below its 20-day SMA, which often acts like a "line in the sand" for short-term momentum. 03, which signals neutral conditions rather than an overbought or oversold stretch.
Key levels are fairly well-defined given the recent swing structure (swing low in July, swing high in September) and the prior breakdown noted in August. Bulls generally want to see follow-through that keeps the stock above its intermediate trend gauges, while bears will watch for failures that push it back toward the lower end of its recent range.
47 at the time of publication on Wednesday, according to Benzinga Pro data.
