| 
May 19, 2023
A quick look at today: an influx of sellers pushed the US software company to session lows around $46.79 while establishing a $46.79 to $47.66 session range today.
Smartsheet is currently trading at $46.84 following the release of Fed Chair Powell speech data from the United States.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Initial Jobless Claims beat the 254,000 projections, with 242,000.
Amid the market gloom, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.
Today's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Smartsheet's upper Bollinger Band® is at $47.61 which indicates a further downward move may follow. Smartsheet's notable support and resistance levels: Smartsheet could begin to recover as it approaches significant support, now 31 cents away from $46.53. Dipping below could be an indication that further losses are ahead.
Notwithstanding Smartsheet's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Smartsheet was not the only decliner in the technology sector; Applied Materials went down 2.29%, closed at $129.92.
On the other hand, positive performances could be seen by looking at other technology stocks as Adobe was up 3%. Cisco Systems traded at $49.13 after closing today's trading day at $48.2 (up 1.93%).
Smartsheet hit a significant low of $25.93 around 6 months ago, but has since recovered 83.65%.
