As the current session draws to a close, the electronics company remains in the $101 – $106.16 range after closing Friday at $105.12 and dropping by 3.54%.
Arrow Electronics, Inc. fell below the $104.38 support zone and moved $2.98 beyond it; the next level of support with significant buyer interest is estimated at $103.63. Arrow Electronics made an initial break below its 50 day Simple Moving Average at $103.58, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $102.77 currently serving as support. If price action breaks below, the next Fib hurdle is $99.13. A crossing of the lower Bollinger Band® at $103.09 suggests further losses may follow for Arrow Electronics.
In the short term, Arrow Electronics is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other technology stocks as Accenture plc Class A (Ireland) is down 3.26% from the beginning of the session and now trades around $255.86. After closing the previous session (Friday) at $338.54, Adobe lost $10.47 and is trading around $328.07. After closing the previous session (Friday) at $244.69, Microsoft lost $4.94 and is trading around $239.75.
Furthermore, United States Building Permits (Nov) will be released tomorrow at 13:30 UTC.
The stock has been trending positively for about 2 months. Arrow Electronics hit a significant low of $91.63 around 2 months ago, but has since recovered 14.72%.