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June 10, 2023
Yesterday at a glance: Arrow Electronics recovered back to $134.16 after dipping down to $133.83, in a session that followed Thursday's $134.08 close value.
This uncertain state for Arrow Electronics is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 175,600, while the previous figure was 169,300. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 8,800, while the previous figure was 8,500.
Technical analysis of Arrow Electronics's past price action reveals multiple support and resistance levels: Arrow Electronics, Inc. is approaching key support, around 64 cents away from $133.52. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Arrow Electronics is in an overbought condition. Asset volatility analysis shows that Arrow Electronics's upper Bollinger Band® is at $136.18, suggesting that a downward move may follow.
Notwithstanding Arrow Electronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other technology stocks as Adobe traded at $454 after closing yesterday's trading day at $439.03 (up 3.41%). TSM was up 2.86%. Salesforce was up 2.76%.
The stock has been trending positively for about a month. The past 3 months have been positive for the electronics company as it added 14.67% compared to its 3-month low of $91.63.
