Smartsheet suffers weak session with 2.29% loss; downside halted at $37.52

A quick look at today: the project management software company dropped 2.29% early on and traded close to the $38.03 level.

United States's Pending Home Sales new data released of -2.7% below its previous figure.

Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States GDP beat the 1.4 projections, with two. United States Initial Jobless Claims came out at 239,000, better than analyst estimates of 266,000 and improving upon the previous reading of 265,000.

Smartsheet Inc. made an initial break below its 5 day Simple Moving Average at $38.48, a possible indication of a forthcoming negative trend. Despite this, although Smartsheet is pointing down today (was as low as $37.52), it's climbing away from the $37.44 support line and is now 59 cents above it.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting Smartsheet to extend its recent losses.

Smartsheet was not the only decliner in the technology sector; Intel went down 1.97%, closed at $33.57.

On the other hand, positive performances could be seen by looking at other technology stocks as Accenture plc Class A (Ireland) added 2.19% to its value, and traded at $308.33. IBM gained 1.75%, as it traded at $134.06.

Furthermore, United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.

Over the past 23 days, the project management software company has retreated 24.66% from a noteworthy peak of $51.66.