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June 14, 2023
$137.45 is where Arrow Electronics ended yesterday; it reached a record high of $139.55 today, changed by $1.62 and closed at $137.93.
Arrow Electronics is currently trading at $137.93 following the release of FOMC Press Conference data from the United States.
Arrow Electronics's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published today at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
Arrow Electronics's uptick comes amid disappointing United States macroeconomic data released during the session – United States Producer Price Index published today at 12:30 UTC came out at -0.3%, falling short of the -0.1% projections and continuing its decline from the previous 0.2% figure.
Meanwhile, United States Interest Rate released today at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Chart analysis suggests although Arrow Electronics, Inc. is appreciating today after rising as high as $139.55, price action is now slowing and consolidating around $1.39 below the $139.32 resistance level. 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. Momentum evaluation shows that the Relative Strength Index indicates Arrow Electronics is in an overbought condition. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $140.05, thereby suggesting that Arrow Electronics is becoming overvalued.
Notwithstanding Arrow Electronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Arrow Electronics's share price coincided with other technology stocks as Intel gained 4.92%, as it traded at $35.58. Oracle added 4.79% to its value, and traded at $122.27. NVIDIA traded at $429.97 after closing today's trading day at $410.22 (up 4.81%).
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is expected tomorrow at 12:30 UTC.
Furthermore, the market is looking at as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.4%. New data is set to be published tomorrow at 12:30 UTC. United States Core Retail Sales expected to decline to 0.1% while its preceding data was 0.4%, data will be available tomorrow at 12:30 UTC.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (Jun) is scheduled for tomorrow at 12:30 UTC.
The stock has been trending positively for about a month.
