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April 25, 2023
- Next support is currently 6 cents away at $46
- Lower Bollinger Band® at around $46.18
While on an 8 day slump, falling a total of 10.61%, Similar trend today: tough session sees the Dutch semiconductor maker shedding 1.72% in early trade
The Dutch semiconductor maker has fallen back around 12.62% from the significant high of $53.49 set 25 days ago.
Analysis of STMicroelectronics's recent price action suggests STMicroelectronics N.V. could begin to recover as it approaches significant support, now 6 cents away from $46. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $46.18, a low enough level to, generally, suggest that STMicroelectronics is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates STMicroelectronics will remain range-bound for the immediate future.
Fundamental indicators – United States New Home Sales (Mar) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000.
In the meantime, negative performances are also seen in other technology stocks as after closing the previous session (yesterday) at $442.32, Intuit lost $16.9 and is trading around $425.42. After closing the previous session (yesterday) at $29.66, Intel lost 61 cents and is trading around $29.05. Texas Instruments is down to $172.11, losing 2.15%, after ending yesterday at $175.9.
Upcoming fundamentals: United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC.
