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March 25, 2023
A quick look at yesterday: during yesterday's session, Smartsheet toiled and struggled for upward momentum before closing at $47.12. By the close, the the project management software company suffered a 57 cents or 1.2% loss.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Smartsheet's upper Bollinger Band® is at $47.36 which indicates a further downward move may follow.
Overall, the technical outlook suggests Smartsheet is likely to remain muted for the immediate future, with no clear-cut direction.
Smartsheet was not the only decliner in the technology sector; Applied Materials went down to $119.53, losing 2.65% after it closed at $122.78 yesterday. ASML Holding went down to $647.53, losing 2.5% after it closed at $664.16 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as IBM was up 1.56%.
