Key support level at $49.75 looms for downtrending STMicroelectronics; currently 57 cents away

• STMicroelectronics is eyeing the $49.75 support level
• STMicroelectronics looks below $49.73 (21 day Simple Moving Average) as signpost for new negative trend

STMicroelectronics's bearish run has lasted 4 days so far (-$1.8). Yesterday's session continued the recent downtrend: a tough session dominated by bearish sentiment left STMicroelectronics $1.37 lower, while setting a $49.55 to $50.48 session range.

The stock has been trending positively for about 3 months. The Dutch semiconductor maker is now trading 3.37% below the significant high of $53.49 it set around 6 days ago.

STMicroelectronics N.V. made an initial break below its 21 day Simple Moving Average at $49.73, a possible indication of a forthcoming negative trend. On the other hand, note that STMicroelectronics could begin to recover as it approaches significant support, now 57 cents away from $49.75. Dipping below could be an indication that further losses are ahead.

Looking forward, STMicroelectronics is poised to extend its strong downtrend and continue declining.

Fundamental indicators – United States Crude Oil Inventories fell short of the -2.33 million projections, with new data of -3.74 million.

STMicroelectronics was not the only decliner in the technology sector; Accenture plc Class A (Ireland) lost 1.58% yesterday and closed at $281.33. AMD closed at $92.56 (down 3.45%). TSM lost 2.14% yesterday and closed at $90.2.

Upcoming fundamentals: United States Non Farm Payrolls expected to decline to 239,000 while its preceding data was 311,000, data will be available tomorrow at 12:30 UTC.