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June 23, 2023
Yesterday at a glance: without a clear direction, Arrow Electronics closed at $137.24 while ranging between $136.21 and $138.26.
United States Services PMI is next.
Uncertainty around Arrow Electronics is reflected by published market data as following a previous reading of 7.92 million, Crude Oil Inventories in United States released yesterday at 15:00 UTC fell short of the 1.87 million figure expected by analysts with an actual reading of -3.83 million. United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million. United States Initial Jobless Claims fell short of the 260,000 projections, with new data of 264,000.
Analysis of Arrow Electronics's recent price action suggests after reaching the $136.21 support zone, Arrow Electronics, Inc. bounced and climbed $1.03 above it. Trend analysis indicates that Arrow Electronics made an initial breakout above its 10 day Simple Moving Average at $136.58, a potential indicator of a newly emerging bullish phase. Momentum evaluation shows that the Relative Strength Index indicates Arrow Electronics is currently 'overbought' which suggests new gains will be harder to obtain.
Overall, while Arrow Electronics has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances were seen by other technology stocks as IBM dips 1.88% yesterday to close at $133.69. Microsoft traded at $339.71 after closing yesterday's trading day at $333.56 (up 1.84%). Accenture plc Class A (Ireland) closed at $307.25 (down 1.9%).
Data to be released today might clear up some of the market fog as United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
The stock has been trending positively for about a month. Approximately 8 days ago, the Colorado-based electronics company reached a significant high of $139.23 but has struggled to hold onto its gains and declined 1.55% since then.
