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March 02, 2023
Today at a glance: Smartsheet rallied 84 cents (1.94%) deep into the session, closing at $44.21.
Smartsheet's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat the 195,000 projections, with 190,000. United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.
At the same time, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
Trend and momentum analysis indicates that Smartsheet Inc. made an initial breakout above its 21 day Simple Moving Average at $44.22, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Smartsheet's upper Bollinger Band® is at $46.37, this is a slight indication of a slowdown. Technical chart analysis shows Smartsheet could be slowing down soon as it approaches resistance at $44.83. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests Smartsheet has no clear-cut direction.
A look at other technology stocks also showed bullish price action as Salesforce was up 11.5%. Intel traded at $26.2 after closing today's trading day at $25.33 (up 3.43%). Adobe traded at $333.5 after closing today's trading day at $323.38 (up 3.13%).
Also worthy of note, United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
Smartsheet hit a significant low of $25.93 around 3 months ago, but has since recovered 67.26%.
