Investors are currently sidelined due to the Thanksgiving holiday but will return to their desks tomorrow. Looking back over the previous session yesterday: an influx of buyers helped the project management software company to end the session higher around $29.07, while establishing a $27.33 to $29.39 session range yesterday.
Smartsheet's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.9% with new data of 0.5%.
On the flip side, United States Crude Oil Inventories improved upon its previous reading of -5.4 million with a new data release of -3.69 million.
At the same time, United States New Home Sales (Oct) released yesterday at 15:00 UTC with a figure of 632,000, while the previous figure was 588,000.
Smartsheet Inc. made an initial breakout above its 5 day Simple Moving Average at $28.71, a potential indicator of a newly emerging bullish phase. On the other hand, note that Smartsheet is 79 cents away from testing key resistance at $29.86. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Smartsheet might continue pointing upwards in the short term.
This rally in Smartsheet's share price coincided with other technology stocks as NVIDIA added 3% to its value, and traded at $165.19. Salesforce was up 2%. Microsoft added 1.04% to its value, and traded at $247.58.
Approximately 10 months ago, the project management software company reached a significant high of $79.82 but has struggled to hold onto its gains and declined 65.26% since then.