Indications Suggest NYSE:SMAR Could Be on the Verge of a Breakout.

We've identified SMARTSHEET INC-CLASS A (NYSE:SMAR) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:SMAR for further developments.

Technical analysis of NYSE:SMAR

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall SMAR gets a technical rating of 10 out of 10. Both in the recent history as in the last year, SMAR has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, SMAR did better than 84% of all other stocks.
• SMAR is one of the better performing stocks in the Software industry, it outperforms 73% of 285 stocks in the same industry.
• SMAR is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so SMAR is performing more or less in line with the market.
• In the last month SMAR has a been trading in the 43.99 - 49.09 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of SMAR contains the most current technical analsysis.

How do we evaluate the setup for NYSE:SMAR?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:SMAR this score is currently 9:

Besides having an excellent technical rating, SMAR also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 47.80. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 47.00, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.