| 
May 23, 2023
Drifting lower, the US software company is nearing the end of the session at $46.62 after ranging between $46.59 and $48.24 today.
Smartsheet is currently trading at $46.62 following the release of Fed Chair Powell speech data from the United States.
Amid the market gloom, United States New Home Sales (Apr) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6. Fresh Building Permits data from United States came out at 1.15 million.
Smartsheet Inc. made an initial break below its 3 day Simple Moving Average at $47.35, a possible indication of a forthcoming negative trend. Smartsheet's upper Bollinger Band® is at $48.36 which indicates a further downward move may follow. In contrast, Smartsheet could begin to recover as it approaches significant support, now 6 cents away from $46.57. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Smartsheet.
Smartsheet's stock value drop coincides with Oracle is trading around $98.63 (down 3.09%). After closing the previous session (yesterday) at $97.6, Sony Group Corporation lost $2.77 and is trading around $94.83. SAP is down to $129.91, losing 2.53%, after ending yesterday at $133.29.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
Having set a significant low of $25.93 6 months ago, the project management software company is trading 83.53% higher.
