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May 04, 2023
A quick look at yesterday: slightly down but mostly flat: Smartsheet ranged between $38.91 and $40.2 before closing at $39.2.
Smartsheet is currently trading at $39.2 following the release of FOMC Press Conference data from the United States.
United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.
Meanwhile, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Smartsheet is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Smartsheet's lower Bollinger Band® is at $38.32, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates Smartsheet could begin to recover as it approaches significant support, now 53 cents away from $38.67. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Smartsheet will remain range-bound for the immediate future.
Smartsheet was not the only decliner in the technology sector; AMD closed at $81.62 (down 9.22%). Adobe went down 6.35%, closed at $368.66.
On the other hand, positive performances could be seen by looking at other technology stocks as Intel added 2.96% to its value, and traded at $30.65.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published tomorrow at 12:30 UTC. United States Initial Jobless Claims expected to decline to 240,000 while its preceding data was 230,000, data will be available today at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
Pointing downwards for around a month. 5 months ago, the US software company fell to a low of $25.93 but has since recovered 52.33%.
