- STMicroelectronics is eyeing $36.71 as its nearest support level
- Lower Bollinger Band® at around $36.64
STMicroelectronics has lost 6.85% over the last 4 days. More of the same from Friday's session: the Dutch tech company has recovered almost all of its session losses after dipping down to $36.72 Friday.
The stock has been trending positively for about a month. STMicroelectronics hit a significant low of $29.56 around 5 months ago, but has since recovered 26.45%.
Analysis of STMicroelectronics's recent price action suggests STMicroelectronics N.V. could begin to recover as it approaches significant support, now 40 cents away from $36.71. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, STMicroelectronics's lower Bollinger Band® is at $36.64, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates STMicroelectronics will remain range-bound for the immediate future.
STMicroelectronics was not the only decliner in the technology sector; Accenture plc Class A (Ireland) closed at $264.48 (down 5.92%). Intuit went down 2.91%, closed at $396.53.
On the other hand, positive performances could be seen by looking at other technology stocks as Adobe was up 3%.
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