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June 08, 2023
Smartsheet loses 17.88% and trades at $40.24 in pre-market trading, following a session in which it managed to reach a new high of $52.81 (for the first time in 1 year) only to drop back down and close lower at $49.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 235,000. Potentially significant price fluctuations in Smartsheet are expected to follow.
Data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of 4.49 million to -451,000 this month.
Amid the market gloom, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
A study of Smartsheet's chart reveals various key levels to watch: Smartsheet Inc. could begin to recover as it approaches significant support, now $1.46 away from $47.54. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that Smartsheet made an initial break below its 5 day Simple Moving Average at $49.64, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $51.66, market bears have earmarked $46.87 as the next downside target.
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; Intuit closed at $422.36 (down 5.83%). ServiceNow went down 4.94%, closed at $555.8. Microsoft closed at $323.38 (down 3.09%).
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 235,000 while its preceding data was 232,000, data will be available today at 12:30 UTC.
The stock has been trending positively for about a month. Having set a significant low of $25.93 6 months ago, the project management software company is trading 99.23% higher.
