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May 19, 2023
Yesterday at a glance: pronounced bullish sentiment in the market helped the web and mobile application developer to make a notable 3.85% gain yesterday, rising 74 cents and ultimately closing at $19.97.
United States Fed Chair Powell speech is next today at 15:00 UTC.
Asana's uptick comes amid good United States macroeconomic data released during the day — data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 242,000, beating projections of 254,000 and showing improvement over the preceding figure of 264,000.
Meanwhile, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Visual analysis of Asana's chart shows that Asana, Inc. could be slowing down soon as it approaches resistance at $20.28. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action remains constrained around the key Fibonacci level of $19.83 currently serving as resistance According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $19.84, thereby suggesting that Asana is becoming overvalued.
Overall, while Asana has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Asana's share price coincided with other technology stocks as Sony Group Corporation gained 3.75%, as it traded at $98.89. Intuit added 3.66% to its value, and traded at $447.66. ServiceNow traded at $510.17 after closing yesterday's trading day at $492.92 (up 3.5%).
Also worthy of note, United States Fed Chair Powell speech will be released today at 15:00 UTC.
The web and mobile application developer is now trading 63.24% above the significant low ($11.78) it slumped to 4 months ago.
