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April 29, 2023
- Price action is retreating from existing support around $42.24
- The lower Bollinger Band® is currently at $42.44 while the higher band is at $54.53
STMicroelectronics is on a 3 day downtrend A slight improvement can be seen from yesterday's session: STMicroelectronics closed a flat day of trading at $42.88 yesterday after ending Thursday at $42.84.
29 days ago the Dutch semiconductor maker reached a significant high of $53.49 but has consequently lost 19.91% since then.
Technical analysis trend indicators suggest 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. According to momentum evaluation, the Relative Strength Index indicates STMicroelectronics is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that STMicroelectronics's upper Bollinger Band® is at $54.53 and the lower is $42.44. Technical analysis shows that STMicroelectronics is currently alternating around $42.24 with price action moving above and below this key level throughout the session.
Overall, technical indicators suggest STMicroelectronics has no obvious direction for the immediate future.
Fundamental indicators – United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.
Meanwhile, mixed performances were seen by other technology stocks as Sony Group Corporation went down 5.7%, closed at $95.09. Intel gained 4%, as it traded at $31.06. Intuit was up 3.45%.
