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April 21, 2023
The Colorado-based electronics company dropped to its lowest point in 3 months and a half at $112.19. It later recovered 69 cents and trades at $112.88.
Following a previous reading of 240,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 240,000 figure expected by analysts with an actual reading of 245,000.
Meanwhile, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Support/Resistance levels obtained from chart analysis indicate that Arrow Electronics, Inc. could begin to recover as it approaches significant support, now 83 cents away from $112.05. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Arrow Electronics's lower Bollinger Band® is at $112.47, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Arrow Electronics will remain range-bound for the immediate future.
Arrow Electronics was not the only decliner in the technology sector; Cisco Systems closed at $46.58 (down 3.04%). Accenture plc Class A (Ireland) closed at $275.55 (down 1.55%).
On the other hand, positive performances could be seen by looking at other technology stocks as TSM added 2.36% to its value, and traded at $89.29.
The electronics company is now trading 14.09% below the significant high of $132.53 it set around 2 months ago.
