- Price action oscillating around key resistance at $42.94
- The lower Bollinger Band® is currently at $33.4 while the higher band is at $45.07
STMicroelectronics has posted further gains as part of a 4 day trend that has already seen the stock gain $1.71. STMicroelectronics pointed in the same direction yesterday: bullish sentiment helped the Dutch tech company to hammer out a noteworthy $42.19 to $43.57 range yesterday, and finally closing at $43.33 to end the session.
This year has been a bright one for the Dutch tech company after trading as low as $29.56 and going on to appreciate by 20.06% year to date.
Technical analysis of STMicroelectronics's past price action reveals multiple support and resistance levels: STMicroelectronics N.V. price action is currently oscillating around the $42.94 resistance level with prices moving above and below several times during the session. Trend-following investors would be interested to note that STMicroelectronics made an initial breakout above its 3 day Simple Moving Average at $42.41, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $45.07, thereby suggesting that STMicroelectronics is becoming overvalued.
Overall, while STMicroelectronics has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.
A look at other technology stocks also showed bullish price action as ASML Holding was up 1.72%.
While STMicroelectronics was bullish yesterday, the following technology stocks underperformed: TSM went down 2.27%, closed at $94.56. Texas Instruments went down 1.13%, closed at $177.04.
Upcoming fundamentals: United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released today at 13:30 UTC.