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April 17, 2023
- Next support is currently 51 cents away at $49.93
- Although down today, STMicroelectronics rose above its 21 day Simple Moving Average around earlier in the session
Though in the midst of a 4 day uptrend, gaining a total of 1.51%, ($1.09), The prevailing bullish trend is beginning to fade following today's downbeat session. The Dutch tech company dropped 0.67% early on and traded close to the $50.44 level.
The stock has been trending positively for about 3 months. The Dutch tech company has fallen back around 5.07% over the past 17 days, from a notable high of $53.49.
Despite being in the red so far in the current trading session, STMicroelectronics N.V. peaked above its 21 day Simple Moving Average around $50.42 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $48.2, a low enough level to, generally, suggest that STMicroelectronics is trading below its fair value. STMicroelectronics could begin to recover as it approaches significant support, now 51 cents away from $49.93. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that STMicroelectronics will undergo a significant bounce in the immediate term.
Fundamental indicators – United States TIC Net Long-Term Transactions (Feb) released today at 20:00 UTC with a figure of 71 billion, while the previous figure was 31.9 billion.
STMicroelectronics was not the only decliner in the technology sector; ASML Holding went down to $639.04, losing 4.08% after it closed at $666.2 today. AMD closed at $89.87 (down 2.05%).
On the other hand, positive performances could be seen by looking at other technology stocks as Microsoft was up 0.93%.
Upcoming fundamentals: United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
