Following yesterday's session which closed at $32.84, Smartsheet went up to $35.13 today only to drop back and trade at $34.8.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
On the flip side, following a previous reading of 107.8, Consumer Confidence in United States released today at 14:00 UTC fell short of the 106.5 figure expected by analysts with an actual reading of 102.5.
Meanwhile, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) came out at 13.1, while a consensus of analysts was expecting 14.4. United States Services PMI released yesterday at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3.
Smartsheet Inc. made an initial breakout above its 50 day Simple Moving Average at $34.66, a potential indicator of a newly emerging bullish phase. Crossed the $34.38 Fibonacci level, next level is at $35.48. Smartsheet broke through the $34.32 resistance, climbing 49 cents above it.
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 coincides with other technology stocks as SAP is up 6.22% to $96.67. ASML Holding is up 4.25%. Intuit is up 3.04%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 200,000, having previously been at -1.73 million. The figure will be published tomorrow at 14:30 UTC.
Also worthy of note, United States New Home Sales (Sep) is scheduled for tomorrow at 14:00 UTC.
9 months ago Smartsheet reached a significant high of $79.82 but has consequently lost 58.86% since then.