In the midst of a 6 day bullish trend, Today's session put the brakes on the ongoing uptrend — after dropping down to $118.08, the Colorado-based electronics company recovers some losses and is currently trading at $119.16.
Uncertainty around Arrow Electronics is reflected by published market data as highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. United States Retail Sales fell short of the -0.4% projections, with new data of -1%. United States Producer Price Index published yesterday at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure.
Concerning technical analysis and more specifically, trend indicators, Arrow Electronics, Inc. made an initial break below its 21 day Simple Moving Average at $118.95, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Arrow Electronics's upper Bollinger Band® is at $123.78 and the lower is $114.95. Arrow Electronics chart analysis: Arrow Electronics is climbing away and is now $1.18 from the $117.98 support line.
Overall, while Arrow Electronics has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances were seen by other technology stocks as Accenture plc Class A (Ireland) drops 2.11% today to close at $285.27. Microsoft went down 1.28%, closed at $289.84.
Over the past 2 months, the Colorado-based electronics company has retreated 10.03% from a noteworthy peak of $132.53.
