As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: Asana has almost recovered all its losses from a previous close of $21.86 after dipping down to $20.71 yesterday.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to 0.2%. Potentially significant price fluctuations in Asana are expected to follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Crude Oil Inventories came out at 2.59 million, better than analyst estimates of 1 million and improving upon the previous reading of -1.73 million.
While price action maintains a negative bias, United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.192, while the previous figure was 4.228.
Despite being in the red so far in the current trading session, Asana, Inc. peaked above its 50 day Simple Moving Average around $22 — typically an early indicator of a new bullish trend beginning to emerge. Asana could begin to recover as it approaches significant support, now 79 cents away from $20.23. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Asana might start pointing upward in the short term.
Asana was not the only decliner in the technology sector; Microsoft plunges 7.72% yesterday to close at $250.66. Salesforce dips 3.24% yesterday to close at $165.27. Texas Instruments closed at $157.87 (down 2.65%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales expected to decline to -5% while its preceding data was -2%, data will be available tomorrow at 14:00 UTC. As things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of 0.2%, following on from the preceding figure of 0.3%. New data is set to be published today at 12:30 UTC.
In addition, United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC.
Asana reached a significant high of $142.68 around 11 months ago but has lost 84.68% since then.