A quick look at yesterday: the US software company hovered around the $45.13 level after closing Tuesday at $46.18 and shedding 2.27%, as it reached reached yesterday's session close.
United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 2.42 million, falling short of the 2.46 million projections and continuing its decline from the previous 4.14 million figure.
Meanwhile, United States 10-Year Note Auction released yesterday at 18:01 UTC with a figure of 3.613, while the previous figure was 3.575. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 1 million, while the previous figure was 2.31 million.
Smartsheet Inc. made an initial break below its 5 day Simple Moving Average at $45.73, a possible indication of a forthcoming negative trend. Smartsheet's upper Bollinger Band® is at $47.57 which indicates a further downward move may follow. Despite this, Smartsheet could begin to recover as it approaches significant support, now 96 cents away from $44.17. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Smartsheet.
Smartsheet was not the only decliner in the technology sector; Texas Instruments went down to $176.5, losing 3.81% after it closed at $183.49 yesterday. Qualcomm went down 3.26%, closed at $136.63. Intel lost 2.79% yesterday and closed at $28.24.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 190,000 from the preceding figure of 183,000.
The stock has been trending positively for about a month. Smartsheet hit a significant low of $25.93 around 3 months ago, but has since recovered 78.09%.