Smartsheet maintains composure within $39.05 to $39.98 range

A quick look at Friday: without a clear direction, Smartsheet closed at $39.13 while ranging between $39.05 and $39.98.

Smartsheet Inc. made an initial breakout above its 5 day Simple Moving Average at $39.92, a potential indicator of a newly emerging bullish phase. Smartsheet's upper Bollinger Band® is at $46.69 and the lower is $37.63. Smartsheet is approaching key support, around 35 cents away from $38.78. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite muted price action in Smartsheet, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances were seen by other technology stocks as Apple added 4.69% to its value, and traded at $173.57. Adobe traded at $348.4 after closing Friday's trading day at $335.83 (up 3.74%). Texas Instruments gained 2.96%, as it traded at $165.82.

Data to be released today might clear up some of the market fog as United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.

Pointing downwards for around a month. Approximately a month ago, the US software company reached a significant high of $48 but has struggled to hold onto its gains and declined 18.2% since then.