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June 26, 2023
- Price action honing in on likely support at $46.24
- STMicroelectronics looks below $46.29 (21 day Simple Moving Average) as signpost for new negative trend
Having fallen $2.23 in 7 days, More of the same from Friday's session: a tough session dominated by bearish sentiment left STMicroelectronics $1.53 lower, while setting a $46.27 to $46.77 session range.
The stock has been trending positively for about a month. Approximately 2 months ago, the Dutch semiconductor maker reached a significant high of $53.49 but has struggled to hold onto its gains and declined 10.28% since then.
STMicroelectronics N.V. made an initial break below its 21 day Simple Moving Average at $46.29, a possible indication of a forthcoming negative trend. In contrast, STMicroelectronics could begin to recover as it approaches significant support, now 23 cents away from $46.24. Dipping below could be an indication that further losses are ahead.
In the short term, STMicroelectronics is expected to maintain its recent downtrend and continue spiralling lower.
STMicroelectronics was not the only decliner in the technology sector; Accenture plc Class A (Ireland) lost 2.87% Friday and closed at $298.43. Sony Group Corporation went down to $91.14, losing 2.86% after it closed at $93.82 Friday. Texas Instruments went down to $167.68, losing 2.87% after it closed at $172.63 Friday.
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