Asana maintains composure within $14.54 to $15.08 range

A quick look at yesterday: without a clear direction, Asana closed at $14.79 while ranging between $14.54 and $15.08.

Uncertainty around Asana is reflected by published market data as United States Consumer Confidence published yesterday at 15:00 UTC came out at 102.9, falling short of the 108.5 projections and continuing its decline from the previous 106 figure. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.

Asana, Inc. made an initial breakout above its 5 day Simple Moving Average at $14.9, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Asana is approaching key support, around 26 cents away from $14.53. 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.

Despite muted price action in Asana, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances were seen by other technology stocks as ASML Holding went down to $617.73, losing 2.27% after it closed at $632.08 yesterday. Intuit retreats 1.32% yesterday to close at $412.62. IBM went down to $129.3, losing 0.91% after it closed at $130.49 yesterday.

Data to be released today might clear up some of the market fog as United States Crude Oil Inventories projected to decline to 457,000 while previous data was 7.65 million; data will be released today at 15:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 192,000, data will be available tomorrow at 13:30 UTC. United States ISM Manufacturing PMI (Feb) will be released today at 15:00 UTC.

Having soared to a high of $54.96 approximately a year ago, the digital team enabler is now trading 73.16% lower.