Smartsheet opened at $47.96 yesterday before posting solid session gaining 3.71%

A quick look at yesterday: Smartsheet rallied 3.71% and ended the session at $47.86.

Smartsheet's uptick comes amid disappointing United States macroeconomic data released during the session – United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at -0.2%, falling short of the 0% projections and continuing its decline from the previous 0.3% figure.

At the same time, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. Fresh CFTC Crude Oil speculative net positions data from United States came out at 193,100.

Smartsheet Inc. reversed direction at $48 resistance zone and retreated back 12 cents below it. Bollinger Band® analysis indicates that current price action is approaching the upper band at $50.48, thereby suggesting that Smartsheet is becoming overvalued.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Smartsheet is set for a reversal in the coming days.

A look at other technology stocks also showed bullish price action as Intel traded at $29 after closing yesterday's trading day at $27.4 (up 5.84%). Qualcomm gained 6.09%, as it traded at $110.35. Accenture plc Class A (Ireland) was up 4.06%.

The US software company has appreciated 69.92% over the past six months.