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April 26, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left Smartsheet $1.4 lower, while setting a $40.56 to $41.8 session range.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Smartsheet are expected to follow.
United States Consumer Confidence fell short of the 104 projections, with new data of 101.3.
Amid the market gloom, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Analysis of Smartsheet's recent price action suggests Smartsheet Inc. could begin to recover as it approaches significant support, now 50 cents away from $40.31. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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. Fibonacci-minded traders witnessed a key Fib level of $40.61 holding firm – an indicator of highly concentrated demand around this level. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $40.96, a low enough level to, generally, suggest that Smartsheet is trading below its fair value.
Overall, the technical outlook suggests Smartsheet is likely to remain muted for the immediate future, with no clear-cut direction.
Smartsheet was not the only decliner in the technology sector; Intuit closed at $419.83 (down 5.08%). Texas Instruments lost 3.7% yesterday and closed at $169.39. Accenture plc Class A (Ireland) went down to $270.7, losing 2.36% after it closed at $277.25 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available today at 12:30 UTC. As things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published tomorrow at 14:00 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
Trending downwards for around a month. After hitting an important low of $25.93 approximately 5 months ago, the project management software company has bounced back 62.78% since.
