Smartsheet depreciates 5% with $38 as the low of the day

Yesterday at a glance: an influx of sellers pushed the US software company to end the session lower around $38.02, while establishing a $38 to $40.08 session range yesterday.

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 260,000. Smartsheet reaction to indicator information will follow.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.25 million, while the previous figure was 1 million. Fresh 20-Year Bond Auction data from United States came out at 4.01.

Having stamped out a session range of $38 to $40.08, Fibonacci-inclined Smartsheet Inc. traders were highly concentrated around active Fibonacci support at $38.58. Smartsheet chart analysis: Smartsheet could begin to recover as it approaches significant support, now 71 cents away from $37.31. Dipping below could be an indication that further losses are ahead.

Smartsheet was not the only decliner in the technology sector; Intel lost 6% yesterday and closed at $32.9. AMD falls 5.73% yesterday to close at $118.93. Salesforce went down 3.4%, closed at $216.97.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.87 million while its preceding data was 7.92 million, data will be available today at 15:00 UTC.

Moreover, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.

Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC.

Over the past 16 days, the project management software company has retreated 22.51% from a noteworthy peak of $51.66.