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March 08, 2023
A quick look at yesterday: the electronics company has recovered almost all of its session losses after dipping down to $117.24 yesterday.
Arrow Electronics is currently trading at $117.26 following the release of EIA Short-Term Energy Outlook data from the United States.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million. United States 3-Year Note Auction came out at 4.635.
Arrow Electronics, Inc.'s lower Bollinger Band® is at $113.77, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Arrow Electronics could begin to recover as it approaches significant support, now 62 cents away from $116.64. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Arrow Electronics —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 395,000 while previous data was 1.17 million; data will be released today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) is scheduled for today at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released today at 15:00 UTC.
Trending downwards for around a month. The electronics company has fallen back around 10.63% from the significant high of $132.53 set a month ago.
