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March 11, 2023
Smartsheet ended yesterday's session at $39.66 and lost $3.45 today, leading it to trade below the $40 level for the first time in 8 weeks.
Following a previous reading of 3.4, Unemployment Rate in United States released yesterday at 13:30 UTC fell short of the 3.4 figure expected by analysts with an actual reading of 3.6.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Non Farm Payrolls beat the 205,000 projections, with 311,000.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Technical analysis shows that although Smartsheet Inc. is pointing down today (was as low as $39.2), it's climbing away from the $38.51 support line and is now $1.15 above it. 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. Price action remains constrained around the key Fibonacci level of $39.53 currently serving as support. If price action breaks below, the next Fib hurdle is $38.63. According to asset volatility analysis, Smartsheet's lower Bollinger Band® is at $40.36, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
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; Accenture plc Class A (Ireland) went down 2.62%, closed at $259.76. Oracle drops 3.22% yesterday to close at $86.87. Intuit closed at $392.61 (down 2.96%).
Having set a significant low of $25.93 4 months ago, the project management software company is trading 66.26% higher.
