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June 18, 2023
- Key support at $49.62 holds firm despite apparent early break
- Bollinger analysis indicates upper Band® is at $51.47
While STMicroelectronics is on a 17 day uptrend Friday's session put the brakes on the ongoing uptrend — without a clear direction, STMicroelectronics closed at $50 while ranging between $49.53 and $50.18.
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 41.58% year to date.
STMicroelectronics N.V. reversed direction at $49.62 support zone and climbed 37 cents above it. STMicroelectronics made an initial breakout above its 3 day Simple Moving Average at $49.84, a potential indicator of a newly emerging bullish phase. Despite this, STMicroelectronics's upper Bollinger Band® is at $51.47, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests STMicroelectronics could be primed for a break to the upside.
Meanwhile, mixed performances were seen by other technology stocks as Microsoft went down to $342.33, losing 1.66% after it closed at $348.1 Friday. Sony Group Corporation went down to $97.57, losing 2.11% after it closed at $99.67 Friday. AMD closed at $120.08 (down 3.35%).
