- Next support is currently 37 cents away at $46.37
- Falling prices have precipitated STMicroelectronics's approach to its lower Bollinger Band® at $46.38
STMicroelectronics's bearish run has lasted 8 days so far (-$3.94). Yesterday's session continued the recent downtrend: a tough session dominated by bearish sentiment left STMicroelectronics 71 cents lower, while setting a $46.42 to $47.22 session range.
The Dutch semiconductor maker has fallen back around 11.29% from the significant high of $53.49 set 25 days ago.
STMicroelectronics's notable support and resistance levels: STMicroelectronics N.V. could begin to recover as it approaches significant support, now 37 cents away from $46.37. 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $46.38, a low enough level to, generally, suggest that STMicroelectronics is trading below its fair value.
All in all, the technical analysis suggests STMicroelectronics has no clear-cut direction.
Fundamental indicators – United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
STMicroelectronics was not the only decliner in the technology sector; Intel went down 2.11%, closed at $30.3. Microsoft closed at $281.77 (down 1.4%). Salesforce went down to $194.92, losing 2.07% after it closed at $199.03 yesterday.
Upcoming fundamentals: projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC.