Asset Watch
Tuesday June 4, 2024
If both levels hold, the 30 May overreaction could soon be forgotten, and a prudent plan would be to remain long when the stock trades above the 200-week MA, and exit the position when breakdowns occur.
And if that happens, next-level price support is in the $196 area, which is near the February 2020 highs, the February 2022 lows, the August 2022 highs, and the October 2023 lows.
So, did the nearly 8% surge on May 31 do enough to rebuild investors’ confidence, or will the Salesforce selling resume in the days ahead?