Bullish session for STMicroelectronics falls 43 cents short of key resistance at $43

• Price action backs away from resistance at $43 despite bullish mood
• STMicroelectronics made an initial breakout above its 5 day Simple Moving Average at $42.55, a potential indicator of a newly emerging bullish phase.

The Dutch semiconductor maker topped out at $42.77 having ended Friday at $42.58. However, despite early momentum, the stock gave up its gains to now trade at $42.58.

Pointing downwards for around a month. The Dutch semiconductor maker reached a significant high of $53.49 around a month ago but has lost 22.73% since then.

STMicroelectronics N.V. made an initial breakout above its 5 day Simple Moving Average at $42.55, a potential indicator of a newly emerging bullish phase. Despite this, although STMicroelectronics is appreciating today after rising as high as $42.77, price action is now slowing and consolidating around 43 cents below the $43 resistance level.

Overall, looking at the technical analysis landscape, it seems STMicroelectronics might continue pointing upwards in the short term.

This rally in STMicroelectronics's share price coincided with other technology stocks as Apple traded at $173.57 after closing Friday's trading day at $165.79 (up 4.69%). Adobe was up 3.74%. Texas Instruments gained 2.96%, as it traded at $165.82.