An influx of buyers helped Arrow Electronics to end the session higher around $101.2, while establishing a $98.24 to $102.26 session range yesterday.
- United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
- Yesterday's gains are in contrast to Arrow Electronics's bearish trend (lasting 3 days) during which it lost $2.48 of its value.
Earlier data releases related to Arrow Electronics – United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. United States Initial Jobless Claims came out at 217,000, better than analyst estimates of 220,000 and improving upon the previous reading of 218,000.
Here is the technical analysis of Arrow Electronics before its data is released:
Concerning technical analysis and more specifically, trend indicators, Arrow Electronics, Inc. made an initial breakout above its 50 day Simple Moving Average at $98.81, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $98.75 by around $2.45 with prices hammering out a $98.24 – $102.26 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $104.43, thereby suggesting that Arrow Electronics is becoming overvalued. Chart analysis indicates Arrow Electronics could be slowing down soon as it approaches resistance at $102.87. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests Arrow Electronics has no clear-cut direction.
Coming up for Arrow Electronics — United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 263,000; data will be released today at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published today at 12:30 UTC.
As the markets get ready for more data to be released — Accenture plc Class A (Ireland) plunges 5.71% yesterday to close at $272.45. Qualcomm lost 7.66% yesterday and closed at $103.88. Apple went down 4.24%, closed at $145.03.
Having set a significant low of $91.63 23 days ago, Arrow Electronics is trading 9.45% higher.