A quick look at yesterday: after dipping down to $13, Asana regained earlier losses and closed at $14.22.
United States New Home Sales (Dec) is next today at 15:00 UTC.
Asana's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat the -0.2% projections, with -0.1%. Data for United States GDP released today at 13:30 UTC is better than expected with 2.9, but worse than previous figure of 3.2. United States Initial Jobless Claims improved upon its previous reading of 192,000 with a new data release of 186,000.
Support/Resistance levels obtained from chart analysis indicate that after reaching the known resistance zone beginning at $14.5, Asana, Inc. price action retreated approximately 28 cents. Concerning technical analysis and more specifically, trend indicators, Asana made an initial breakout above its 21 day Simple Moving Average at $13.35, a potential indicator of a newly emerging bullish phase. Yesterday's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Analysis based on the asset volatility indicates that Asana's upper Bollinger Band® is at $15, this is a slight indication of a slowdown.
Notwithstanding Asana's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Asana's share price coincided with other technology stocks as ASML Holding was up 1.72%.
Asana went up yesterday, yet these technology stocks did not follow — TSM withdraws 2.27% yesterday to close at $94.56. Texas Instruments closed at $175.04 (down 1.13%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.
Elsewhere, United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC. United States New Home Sales (Dec) scheduled to come out today at 15:00 UTC.
The web and mobile application developer reached a significant high of $74.13 around 11 months ago but has lost 81.17% since then.