Midday Update | Downbeat STMicroelectronics on course to explore further downside

• The CCI indicator has fallen below -100 – a bearish signal
• STMicroelectronics has just crossed the lower Bollinger Band® at $46.84, indicating further losses could be forthcoming.

STMicroelectronics is down to $46.74, after ending yesterday at $48.97. Overall, a 4.55% loss or $2.23 today.

The stock has been trending positively for about 2 months. The Dutch semiconductor maker has managed to gain 38.53% so far this year despite trading at lows around $29.56 previously.

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. STMicroelectronics has just crossed the lower Bollinger Band® at $46.84, indicating further losses could be forthcoming.

Overall, looking at the technical analysis landscape, it seems STMicroelectronics is likely to start pointing downward in the short term.

Fundamental indicators – data for United States Initial Jobless Claims published today at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000.

In the meantime, negative performances are also seen in other technology stocks as Qualcomm is down to $121.08, losing 2.1%, after ending yesterday at $123.68.

Positive performances can be seen by looking at other technology stocks as Salesforce is up 10.88%. Adobe is trading at $328.6 after ending yesterday's session at $323.38 (up 1.61%).

Upcoming fundamentals: United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.