Opening Bell | Tech analysis points to new bearish phase for STMicroelectronics as it runs out of steam around $49.1

• The lower Bollinger Band® is currently at $47.05 while the higher band is at $49.89

After closing the previous trading day at $47.8, STMicroelectronics is up to $49, which makes for a move of 2.51%/$1.2 today.

The stock has been trending positively for about 2 months. 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 35.22% year to date.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $49.89, thereby suggesting that STMicroelectronics N.V. is becoming overvalued.

Examining the technical analysis landscape, STMicroelectronics is likely to reverse course and start pointing downward in the short term.

Fundamental indicators – United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.

This rally in STMicroelectronics's share price coincides with other technology stocks as Intuit gained 3.6%, currently at $405.68. AMD is up 5.68% to $86.67. Salesforce is up 3.67%.

Upcoming fundamentals: as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of 3%. New data is set to be published tomorrow at 12:30 UTC.