| 
February 27, 2023
A quick look at Friday: after closing the previous trading day at $43.72 and dropping to $42.09, the project management software company closed Friday at $43.07. By the end of the session, Smartsheet gave up a total of 1.49%.
Although Smartsheet Inc. is down today and was as low as $42.09, it seems to be recovering slightly and climbing away from the $42.36 support line and is now 71 cents above it. Despite being in the red so far in the current trading session, Smartsheet peaked above its 3 day Simple Moving Average around $43.19 — typically an early indicator of a new bullish trend beginning to emerge. Smartsheet's lower Bollinger Band® is at $41.1, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that Smartsheet (currently on a downtrend) might reverse course and start going up in the short term.
Smartsheet was not the only decliner in the technology sector; Adobe closed at $320.54 (down 7.63%). Microsoft went down to $249.22, losing 2.18% after it closed at $254.77 Friday. SAP went down 2.44%, closed at $116.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released today at 15:00 UTC.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
After hitting an important low of $25.93 approximately 3 months ago, the US software company has bounced back 68.61% since.
