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Today at 14:00 UTC: United States Pending Home Sales, Smartsheet steady at $41

27 April 2023

SMAR

The US software company went up to $41, gaining 0.49%.

United States Pending Home Sales is next today at 14:00 UTC.
While flat so far today, Smartsheet is on an 18 day bearish trend during which it lost $7 of its value.

Earlier data releases related to Smartsheet – GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6. United States Initial Jobless Claims beat analyst expectations of 248,000 and the previous reading of 246,000 with new data of 230,000.

Technical analysis of Smartsheet before macro data is released:

Analysis of Smartsheet's recent price action suggests Smartsheet Inc. is approaching key support, around 43 cents away from $40.58. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Smartsheet's upper Bollinger Band® is at $48.69 and the lower is $40.48.

The current technical outlook indicates Smartsheet will continue to ebb sideways within tight ranges for the immediate future.

Coming up for Smartsheet — United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released today at 14:00 UTC. United States Core PCE Price Index (MoM) (Mar) is scheduled for tomorrow at 12:30 UTC.

As the markets get ready for more data to be released — Microsoft traded at $295.37 after closing yesterday's trading day at $275.42 (up 7.24%). Sony Group Corporation traded at $93.81 after closing yesterday's trading day at $90.76 (up 3.36%). Texas Instruments closed at $164.46 (down 2.91%).

Trending downwards for around a month. Having set a significant low of $25.93 5 months ago, the project management software company is trading 57.39% higher.

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