Leading cloud-based software stock, Smartsheet Inc (SMAR), has been declining with many of the leading cloud stocks recently. This stock peaked out on June 3rd, 2020 at $60.45 a share. The stock has now fallen below it’s important 50 and 200-day moving averages. This puts the stock in a very weak technical position on the charts. It will often indicate lower share prices are ahead.
Traders and investors should now watch for important support around the $36.50 area. This is a level where the stock was defended in March 2020 and also in November 2019. This tells me that the stock should have institutional sponsorship around that key support level. This stock is now on my radar when it trades down to the $36.50 level. Please remember, Smartsheet Inc will report earnings on September 2, 2020 after the closing bell.
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