Muted session so far for Smartsheet as it oscillates around $44.44

Smartsheet is trading at $44.44 after closing the previous day at $44.5.

This uncertain state for Smartsheet is reflected by published market data as United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States Housing Starts published today at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure. United States Building Permits released today at 12:30 UTC with a figure of -8.8%, while the previous figure was 15.8%.

Smartsheet Inc. made an initial break below its 50 day Simple Moving Average at $44.84, a possible indication of a forthcoming negative trend. In contrast, Smartsheet is approaching key support, around 27 cents away from $44.17. 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. Smartsheet's upper Bollinger Band® is at $48.55 and the lower is $43.94.

According to technical indicators, Smartsheet is positioned for a downward move in the short term.

Meanwhile, mixed performances are seen in other technology stocks as NVIDIA is up 2.86%. Qualcomm is down 0.95% from the beginning of the session and now trades around $118.25. Apple is trading at $165.81 after ending yesterday's session at $165.23 (up 0.35%).

Moreover, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.

The stock has been trending positively for about a month. Smartsheet hit a significant low of $25.93 around 5 months ago, but has since recovered 71.62%.