Arrow Electronics closed at $123.22 after losing 0.56% yesterday

Yesterday at a glance: a tough session dominated by bearish sentiment left Arrow Electronics 69 cents lower, while setting a $122.26 to $124.62 session range.

Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions came out at 179,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.

Chart analysis indicates although Arrow Electronics, Inc. is down today and was as low as $122.26, it seems to be recovering slightly and climbing away from the $122.11 support line and is now $1.11 above it. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Arrow Electronics price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Arrow Electronics's upper Bollinger Band® is at $125.17 which indicates a further downward move may follow.

Notwithstanding Arrow Electronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Arrow Electronics was not the only decliner in the technology sector; Applied Materials went down to $126.95, losing 2.29% after it closed at $129.92 yesterday.

On the other hand, positive performances could be seen by looking at other technology stocks as Adobe added 3% to its value, and traded at $371.25. Cisco Systems traded at $49.13 after closing yesterday's trading day at $48.2 (up 1.93%).

Arrow Electronics hit a significant low of $91.63 around 7 months ago, but has since recovered 35.23%.