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May 14, 2023
- STMicroelectronics drawing closer to significant resistance at $42.58 with potentially further upside ahead
- Despite adding 53 cents today, STMicroelectronics ventured below $42.32 (3 day Simple Moving Average) in earlier trade
STMicroelectronics has posted further gains as part of a 7 day trend that has already seen the stock gain 56 cents. Friday's session pointed in the same direction — after closing at $41.89 on Thursday, STMicroelectronics maintained a strong bullish bias that helped the stock close higher at $42.42 Friday. However, market bears ensured the the Dutch semiconductor maker topped out at $42.43 and that by the end of the session, the market had marked out a distinct $41.97 to $42.43 range.
On a negative trend for around a month. A month ago the Dutch semiconductor maker reached a significant high of $53.49 but has consequently lost 21.69% since then.
Trend-focused traders would be interested to note that despite posting gains on Friday, STMicroelectronics N.V. slid below its 3 day Simple Moving Average at $42.32 during the last session — an early indicator that a negative trend could be emerging. Support/Resistance levels obtained from chart analysis indicate that STMicroelectronics could be slowing down soon as it approaches resistance at $42.58. Of course, crossing it might suggest further gains are ahead.
Overall, while STMicroelectronics has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other technology stocks also showed bullish price action as Accenture plc Class A (Ireland) traded at $277.19 after closing Friday's trading day at $272.27 (up 1.81%). IBM traded at $122.84 after closing Friday's trading day at $120.9 (up 1.6%).
While STMicroelectronics was bullish Friday, the following technology stocks underperformed: Adobe went down 1.79%, closed at $341.58.
