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April 10, 2023
- Price action honing in on likely support at $49.63
- Although down today, STMicroelectronics rose above its 21 day Simple Moving Average around earlier in the session
STMicroelectronics's bearish run has lasted 5 days so far (-$3.17). Thursday's session continued down the same path: pronounced bearish sentiment in the market pushed the Dutch tech company into a notable 0.64% slide Thursday, falling 32 cents and ultimately closing at $50.
The stock has been trending positively for about 3 months. Having set a significant high of $53.49 10 days ago, the Dutch tech company is trading 5.93% lower.
Technical chart analysis shows STMicroelectronics N.V. could begin to recover as it approaches significant support, now 37 cents away from $49.63. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that despite being in the red so far in the current trading session, STMicroelectronics peaked above its 21 day Simple Moving Average around $49.86 — typically an early indicator of a new bullish trend beginning to emerge.
With market volatility ebbing, the current technical outlook indicates STMicroelectronics will remain range-bound for the immediate future.
STMicroelectronics was not the only decliner in the technology sector; IBM went down to $130.5, losing 1.24% after it closed at $132.14 Thursday.
On the other hand, positive performances could be seen by looking at other technology stocks as Microsoft traded at $291.6 after closing Thursday's trading day at $284.34 (up 2.55%). Intuit was up 1.91%.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
