Muted session so far for Smartsheet as it oscillates around $45.08

Although Smartsheet increased from $45.28 to $46.08, the stock dropped back and is now priced at $45.08.

Smartsheet's state is reflected by market data as data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.

Smartsheet Inc.'s upper Bollinger Band® is at $46.45, suggesting that a downward move may follow. On the other hand, note that Smartsheet is approaching key support, around 54 cents away from $44.53. 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 the market lacking direction, technical chart analysis strongly suggests Smartsheet is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other technology stocks as Apple is trading at $154.43 after ending Friday's session at $151.03 (up 2.25%). SAP is up 2.19% to $119.46. Microsoft added 1.12% to its value, now trading at $258.16.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell testimony will be released tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.

The project management software company is now trading 74.62% above the significant low ($25.93) it slumped to 3 months ago.