Smartsheet maintains composure within $38.09 to $38.9 range

A quick look at today: without a clear direction, Smartsheet closed at $38.43 while ranging between $38.09 and $38.9.

Smartsheet is currently trading at $38.43 following the release of ISM Manufacturing PMI (Jun) data from the United States.

Smartsheet's state is reflected by market data as United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released today at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) came out at 41.8, while a consensus of analysts was expecting 44.

Smartsheet Inc. made an initial break below its 5 day Simple Moving Average at $38.49, a possible indication of a forthcoming negative trend. Despite this, Smartsheet is approaching key support, around 53 cents away from $37.9. 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 the market lacking direction, technical chart analysis strongly suggests Smartsheet is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other technology stocks as Sony Group Corporation gained 1.95%, as it traded at $91.8. Oracle closed at $117.15 (down 1.63%). TSM was up 1.88%.

Having soared to a high of $51.66 approximately 27 days ago, the US software company is now trading 25.94% lower.