After three days of persistent declines, Smartsheet was flat yesterday

Yesterday at a glance: after ending yesterday at $43.67, the project management software company recovers back to $43.54 after dipping down to $42.87 earlier today.

This uncertain state for Smartsheet is reflected by published market data as United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions came out at 189,900.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $43.16 currently serving as support. If price action breaks below, the next Fib hurdle is $42.02. According to asset volatility analysis, Smartsheet's upper Bollinger Band® is at $48.16 and the lower is $42.84. Technical chart analysis shows Smartsheet is approaching key support, around 52 cents away from $43. 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.

The current technical outlook indicates Smartsheet will continue to ebb sideways within tight ranges for the immediate future.

Meanwhile, mixed performances were seen by other technology stocks as SAP gained 5.59%, as it traded at $133.95. TSM lost 4.39% yesterday and closed at $85.37. Intel lost 1.81% yesterday and closed at $30.3.

The stock has been trending positively for about a month. The US software company is now trading 68.41% above the significant low ($25.93) it slumped to 5 months ago.