Smartsheet posts solid session with 8.76% gain; upside capped at $46.04

A quick look at yesterday: Smartsheet ended Friday at $41.34. yesterday it went up to $46.04 only to drop back, yet still managed to close at $44.96.

Meanwhile, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.

Smartsheet Inc. made an initial breakout above its 50 day Simple Moving Average at $43.79, a potential indicator of a newly emerging bullish phase. Crossed the $44.31 Fibonacci level, next level is at $48. Despite this, Smartsheet's upper Bollinger Band® is at $45.05, this is a slight indication of a slowdown. Although Smartsheet is appreciating today after rising as high as $46.04, price action is now slowing and consolidating around $1.82 below the $46.78 resistance level.

Overall, looking at the technical analysis landscape, it seems Smartsheet likely to continue pointing upward in the short term.

This rally in Smartsheet's share price coincided with other technology stocks as Applied Materials added 4.32% to its value, and traded at $121.11. Intel traded at $29.8 after closing yesterday's trading day at $28.95 (up 2.94%). Adobe was up 3.05%.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.

Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.

Having soared to a high of $48 approximately a month ago, the project management software company is now trading 13.89% lower.