Arrow Electronics closed at $116.03 after losing 0.84% Friday

Friday at a glance: the Colorado-based electronics company dropped 0.84% early on and traded close to the $116.03 level.

Despite being in the red so far in the current trading session, Arrow Electronics, Inc. peaked above its 50 day Simple Moving Average around $117.25 — typically an early indicator of a new bullish trend beginning to emerge. Arrow Electronics's lower Bollinger Band® is at $113.47, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Arrow Electronics could begin to recover as it approaches significant support, now $1.34 away from $114.69. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Arrow Electronics is set to appreciate despite today's setback.

Arrow Electronics was not the only decliner in the technology sector; Accenture plc Class A (Ireland) lost 2.62% Friday and closed at $252.95. Oracle falls 3.22% Friday to close at $86.87. Intuit lost 2.96% Friday and closed at $392.61.

On a negative trend for around a month. The electronics company is now trading 11.71% below the significant high of $132.53 it set around a month ago.