Arrow Electronics erased gains after record high, closed at $138.45

Having ended Thursday at $139.23, Arrow Electronics came to a record high of $140.32 Friday. Later, it lost $1.87 and closed at $138.45.

Arrow Electronics, Inc. made an initial break below its 3 day Simple Moving Average at $138.2, a possible indication of a forthcoming negative trend. Arrow Electronics's upper Bollinger Band® is at $142.29 which indicates a further downward move may follow. Despite this, Arrow Electronics could begin to recover as it approaches significant support, now 86 cents away from $137.59. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Arrow Electronics.

Arrow Electronics was not the only decliner in the technology sector; Sony Group Corporation went down to $97.57, losing 2.11% after it closed at $99.67 Friday. AMD went down to $120.08, losing 3.35% after it closed at $124.24 Friday. ASML Holding closed at $721.88 (down 2.28%).

Furthermore, United States Building Permits (May) is scheduled for tomorrow at 12:30 UTC.

The stock has been trending positively for about a month. The Colorado-based electronics company now trading 18.61% above its 3-month low of $91.63.