Smartsheet maintains composure within $38.97 to $40.95 range

Friday at a glance: a tough start to the session saw price action reach a low of $38.97 before closing at $40.87.

Technical chart analysis shows Smartsheet Inc. is climbing away and is now $1.29 from the $39.58 support line. Concerning technical analysis and more specifically, trend indicators, 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. According to asset volatility analysis, Smartsheet's upper Bollinger Band® is at $48.18 and the lower is $39.73.

Overall, the technical outlook suggests Smartsheet is likely to remain muted for the immediate future, with no clear-cut direction.

Meanwhile, mixed performances were seen by other technology stocks as Sony Group Corporation lost 5.7% Friday and closed at $89.67. Intel traded at $31.06 after closing Friday's trading day at $29.86 (up 4%). Intuit traded at $443.95 after closing Friday's trading day at $429.16 (up 3.45%).

Data to be released tomorrow might clear up some of the market fog as United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.

Trending downwards for around a month. Smartsheet hit a significant low of $25.93 around 5 months ago, but has since recovered 58.35%.