| 
March 15, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: during yesterday's session, Smartsheet toiled and struggled for upward momentum before closing at $38.32. By the close, the the US software company suffered a $1.42 or 3.57% loss.
Producer Price Index data from United States will be released today at 12:30 UTC with analysts expecting a decline to 0.3%. Potentially significant price fluctuations in Smartsheet are expected to follow.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Smartsheet's lower Bollinger Band® is at $39.41, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Smartsheet has no clear-cut direction.
On the other hand, positive performances could be seen by looking at other technology stocks as Intuit was up 4.28%. AMD added 6.63% to its value, and traded at $87.45. Microsoft gained 2.71%, as it traded at $260.79.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Retail Sales expected to decline to -0.3% while its preceding data was 3%, data will be available today at 12:30 UTC. United States Core Retail Sales projected to come out at -0.1% — worse than previous data of 2.3%; data will be released today at 12:30 UTC. Projections for United States Producer Price Index are set for a continuation of decline with 0.3% while previous data was 0.7%; data will be released today at 12:30 UTC.
Smartsheet hit a significant low of $25.93 around 4 months ago, but has since recovered 53.26%.
