A quick look at today: after ending yesterday at $95.48, Arrow Electronics went up to $98 only to drop back, yet still traded well overall and closed at $96.42 today.
Meanwhile, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -1.27 million, while the previous figure was 7 million. United States TIC Net Long-Term Transactions (Aug) came out at 197.9 billion, while a consensus of analysts was expecting 28.2 billion. United States Industrial Production improved upon its previous reading of -0.1% with a new data release of 0.4%.
Arrow Electronics, Inc.'s upper Bollinger band is at $98.63, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems Arrow Electronics is likely to reverse course and start pointing down in the short term.
A look at other technology stocks also showed bullish price action as Salesforce traded at $153.53 after closing today's trading day at $147.18 (up 4.31%). SAP traded at $89 after closing today's trading day at $86.85 (up 2.5%).
Arrow Electronics went up today, yet these technology stocks did not follow — Intel closed at $25.87 (down 2.08%).
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million.
The market is looking forward to the release of new data: United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
6 days ago, Arrow Electronics fell to a low of $91.63 but has since recovered 4.2%.