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May 03, 2023
Today at a glance: an influx of buyers helped the electronics company to end the session higher around $115.89, while establishing a $115 to $117.68 session range today.
Arrow Electronics is currently trading at $115.89 following the release of FOMC Press Conference data from the United States.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
At the same time, United States Interest Rate released today at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.
Arrow Electronics, Inc. made an initial breakout above its 21 day Simple Moving Average at $116.27, a potential indicator of a newly emerging bullish phase. In contrast, although Arrow Electronics is appreciating today after rising as high as $117.68, price action is now slowing and consolidating around $1.49 below the $117.38 resistance level.
Overall, looking at the technical analysis landscape, it seems Arrow Electronics might continue pointing upwards in the short term.
A look at other technology stocks also showed bullish price action as Intel was up 2.96%.
While Arrow Electronics was bullish today, the following technology stocks underperformed: AMD lost 9.22% today and closed at $81.62. Adobe went down 6.35%, closed at $368.66.
Also worthy of note, projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 230,000; data will be released tomorrow at 12:30 UTC.
On a negative trend for around a month. The Colorado-based electronics company reached a significant high of $132.53 around 2 months ago but has lost 13.43% since then.
