Arrow Electronics maintains composure within $117.86 to $119.44 range

A quick look at yesterday: without a clear direction, Arrow Electronics closed at $118.7 while ranging between $117.86 and $119.44.

This uncertain state for Arrow Electronics is reflected by published market data as United States Producer Price Index improved upon its previous reading of -0.4% with a new data release of 0.2%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.

Arrow Electronics, Inc. made an initial break below its 5 day Simple Moving Average at $118.66, a possible indication of a forthcoming negative trend. Arrow Electronics's upper Bollinger Band® is at $121.44, suggesting that a downward move may follow. On the other hand, note that after reaching the $117.89 support zone, Arrow Electronics bounced and climbed 81 cents above it.

Despite the market lacking direction, technical chart analysis strongly suggests Arrow Electronics is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other technology stocks as Intel went down 3.7%, closed at $29.97. Qualcomm draws back 2.25% yesterday to close at $106.46. Accenture plc Class A (Ireland) was up 1.26%.

Approximately 3 months ago, the Colorado-based electronics company reached a significant high of $132.53 but has struggled to hold onto its gains and declined 10.34% since then.