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April 17, 2023
Stable at $119.16 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — Arrow Electronics recovered back to $119.16 after dipping down to $118.08, in a session that followed Thursday's $119.24 close value.
Trend and momentum analysis indicates that Arrow Electronics, Inc. made an initial break below its 21 day Simple Moving Average at $118.95, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Arrow Electronics's upper Bollinger Band® is at $123.78 and the lower is $114.95. Chart analysis suggests Arrow Electronics is approaching key support, around $1.18 away from $117.98. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Notwithstanding Arrow Electronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other technology stocks as Accenture plc Class A (Ireland) closed at $279.25 (down 2.11%). Microsoft stumbles 1.28% Friday to close at $289.84.
Data to be released today might clear up some of the market fog as United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.
2 months ago the electronics company reached a significant high of $132.53 but has consequently lost 10.03% since then.
