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May 12, 2023A quick look at today: grinding lower but with no clear-cut direction, the US industrial tech company closed the session at $27.86 after forming a distinct $27.64 – $28.24 range.
United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%. Data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 242,000 to 264,000 this month.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released today at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.
Vontier Corporation made an initial break below its 5 day Simple Moving Average at $27.73, a possible indication of a forthcoming negative trend. Vontier's upper Bollinger Band® is at $28.1 which indicates a further downward move may follow. In contrast, Vontier reversed direction at $27.65 support zone and climbed 21 cents above it.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Vontier.
Vontier was not the only decliner in the technology sector; Adobe went down 1.79%, closed at $341.58.
On the other hand, positive performances could be seen by looking at other technology stocks as Accenture plc Class A (Ireland) was up 1.81%. IBM was up 1.6%.
Trading mostly sideways for 1 year, 5 months. The North Carolina manufacturing company has managed to gain 42.44% so far this year despite trading at lows around $16.71 previously.
