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May 12, 2023
Yesterday at a glance: an influx of sellers pushed the project management software company to session lows around $40.87 while establishing a $40.87 to $41.44 session range yesterday.
United States Producer Price Index improved upon its previous reading of -0.4% with a new data release of 0.2%. United States Initial Jobless Claims fell short of the 245,000 projections, with new data of 264,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
Technical chart analysis shows Smartsheet Inc. could begin to recover as it approaches significant support, now 24 cents away from $40.78. Dipping below could be an indication that further losses are ahead.
Smartsheet was not the only decliner in the technology sector; Intel lost 3.7% yesterday and closed at $28.86. Qualcomm closed at $104.06 (down 2.25%).
On the other hand, positive performances could be seen by looking at other technology stocks as Accenture plc Class A (Ireland) added 1.26% to its value, and traded at $272.27.
Pointing downwards for around a month. The US software company reached a significant high of $48 around a month ago but has lost 13.52% since then.
