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June 06, 2023
Yesterday at a glance: the electronics company found support around the $126.78 level, after closing Friday at $128.79 and dropping by 1.56% yesterday.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Following a previous reading of 0.6%, Factory Orders in United States released yesterday at 14:00 UTC fell short of the 1.1% figure expected by analysts with an actual reading of 0.4%.
Arrow Electronics, Inc. made an initial break below its 10 day Simple Moving Average at $125.41, a possible indication of a forthcoming negative trend. Arrow Electronics's upper Bollinger Band® is at $130.52 which indicates a further downward move may follow. On the other hand, note that Arrow Electronics could begin to recover as it approaches significant support, now $1.58 away from $125.2. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Arrow Electronics to extend its recent losses.
Arrow Electronics was not the only decliner in the technology sector; Intel lost 4.63% yesterday and closed at $29.86. Accenture plc Class A (Ireland) went down to $304.45, losing 2.23% after it closed at $311.39 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as Intuit traded at $442.84 after closing yesterday's trading day at $430.49 (up 2.87%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.15 million while its preceding data was 4.49 million, data will be available tomorrow at 14:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for today at 16:00 UTC.
The stock has been trending positively for about a month. Arrow Electronics hit a significant low of $91.63 around 7 months ago, but has since recovered 40.55%.
