| 
February 22, 2023
After closing the previous trading day at $42.52, Smartsheet is up to $42.92, which makes for a move of 0.94%/40 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
At the same time, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Smartsheet Inc.'s lower Bollinger Band® is at $41.04, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Smartsheet could be slowing down soon as it approaches resistance at $43.71. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Smartsheet to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the US software company is expected to pick up significant bullish sentiment in the coming days.
A look at other technology stocks also shows bullish price action as Adobe is up 1.14%. Intuit is trading at $399.9 after ending yesterday's session at $396.26 (up 0.92%).
While Smartsheet is higher so far today, these technology stocks are struggling: after closing the previous session (yesterday) at $49.69, Cisco Systems lost 63 cents and is trading around $49.06.
Furthermore, the market is looking at tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Smartsheet hit a significant low of $25.93 around 3 months ago, but has since recovered 63.98%.
