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February 26, 2023
- STMicroelectronics is eyeing the $47.04 support level
- Lower Bollinger Band® at around $46.64
STMicroelectronics's bearish run has lasted 7 days so far (-$1.38). More of the same from Friday's session: a tough session dominated by bearish sentiment left STMicroelectronics 94 cents lower, while setting a $46.92 to $47.64 session range.
The stock has been trending positively for about a month. This year has been a bright one for the Dutch semiconductor maker after trading as low as $29.56 and going on to appreciate by 33.37% year to date.
STMicroelectronics N.V.'s lower Bollinger Band® is at $46.64, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. STMicroelectronics could begin to recover as it approaches significant support, now 42 cents away from $47.04. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems STMicroelectronics —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
STMicroelectronics was not the only decliner in the technology sector; Adobe went down to $320.54, losing 7.63% after it closed at $347 Friday. Microsoft dips 2.18% Friday to close at $254.77. SAP falls 2.44% Friday to close at $116.
Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
