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May 29, 2023
Investors are currently sidelined due to the Memorial Day holiday but will return to their desks tomorrow. Looking back over the previous session Friday: the Colorado-based electronics company rallied 2.03% and maintained $128.54.
Chart analysis suggests Arrow Electronics, Inc. is $1.45 away from testing key resistance at $130. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Arrow Electronics price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of Arrow Electronics's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $128.34, 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.
A look at other technology stocks also showed bullish price action as Intel added 5.84% to its value, and traded at $29. Qualcomm traded at $110.35 after closing Friday's trading day at $104 (up 6.09%). Accenture plc Class A (Ireland) traded at $303.6 after closing Friday's trading day at $291.76 (up 4.06%).
Furthermore, the market is looking at United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. The electronics company has gained 21.63% since its lowest print of $91.63 earlier this year.
