Smartsheet currently down 2.13% halfway through today

The project management software company is trading close to the $44.61 level today, after ending yesterday at $45.58 and dropping 2.13%.

Highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. Highly important Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1%. Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%.

Despite being in the red so far in the current trading session, Smartsheet Inc. peaked above its 50 day Simple Moving Average around $44.91 — typically an early indicator of a new bullish trend beginning to emerge. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Bollinger Bands® shows an indication of recovery: the lower band is at $44.47, a low enough level to, generally, suggest that Smartsheet is trading below its fair value. Smartsheet could begin to recover as it approaches significant support, now 72 cents away from $43.89. Dipping below could be an indication that further losses are ahead.

Technical analysis indicates that Smartsheet's current downtrend might soon change course and start climbing up in the short term.

In the meantime, negative performances are also seen in other technology stocks as Accenture plc Class A (Ireland) is down 2.22% from the beginning of the session and now trades around $278.94. Microsoft is down to $285.96, losing 1.34%, after ending yesterday at $289.84. After closing the previous session (yesterday) at $121.13, Qualcomm lost $1.09 and is trading around $120.04.

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 75.78%.