Smartsheet closed at $45.38 after losing 1.33% today

Today at a glance: the US software company has recovered almost all of its session losses after dipping down to $44.68 today.

Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.

Meanwhile, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1.

Smartsheet Inc. could begin to recover as it approaches significant support, now 60 cents away from $44.78. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Smartsheet peaked above its 21 day Simple Moving Average around $45.45 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems Smartsheet —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

Smartsheet was not the only decliner in the technology sector; IBM closed at $130.5 (down 1.24%).

On the other hand, positive performances could be seen by looking at other technology stocks as Microsoft was up 2.55%. Intuit traded at $446.76 after closing today's trading day at $438.37 (up 1.91%).

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.

Furthermore, United States Unemployment Rate is expected tomorrow at 12:30 UTC.

The US software company has recovered 77.36% since descending to a significant low of $25.93 around 4 months ago.