Arrow Electronics descends to $124.18 ahead of United States JOLTs Job Openings (Feb)

A tough session dominated by bearish sentiment left Arrow Electronics 69 cents lower, while setting a $123.14 to $125.21 session range.

• United States JOLTs Job Openings (Feb) is next today at 14:00 UTC.
• Yesterday's fall came on the back of a 14 day uptrend, during which Arrow Electronics added 8.05% to its share price

Earlier data releases related to Arrow Electronics – United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released yesterday at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1.

Here is the technical analysis of Arrow Electronics before macro data is released:

Arrow Electronics chart analysis: Arrow Electronics, Inc. could begin to recover as it approaches significant support, now $1.08 away from $123.1. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Yesterday's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Price action remains constrained around the key Fibonacci level of $123.72 currently serving as support. If price action breaks below, the next Fib hurdle is $121.63. Analysis based on the asset volatility indicates that Arrow Electronics's upper Bollinger Band® is at $124.61 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.

Coming up for Arrow Electronics — United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) is scheduled for tomorrow at 12:15 UTC.

As the markets get ready for more data to be released — Qualcomm went down 2.23%, closed at $127.58. Salesforce went down 1.65%, closed at $199.78. Apple was up 0.77%.

The past 3 months have been positive for the Colorado-based electronics company as it added 16.89% compared to its 3-month low of $91.63.