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July 03, 2023
- Price action honing in on likely support at $49.45
- Bollinger analysis indicates upper Band® is at $51.47
Stable at $50.14 and still trending upwards, Today's session put the brakes on the ongoing uptrend — STMicroelectronics recovered back to $50.14 after dipping down to $49.91, in a session that followed Friday's $50 close value.
The stock has been trending positively for about 2 months. The Dutch tech company has appreciated 41.41% over the past six months.
Technical analysis shows that STMicroelectronics N.V. is approaching key support, around 69 cents away from $49.45. 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 analysis indicates that investors are seeking long positions as STMicroelectronics price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that STMicroelectronics's upper Bollinger Band® is at $51.47, suggesting that a downward move may follow.
Notwithstanding STMicroelectronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2.
Meanwhile, mixed performances were seen by other technology stocks as Sony Group Corporation traded at $91.8 after closing today's trading day at $90.04 (up 1.95%). Oracle went down 1.63%, closed at $119.09. TSM traded at $102.82 after closing today's trading day at $100.92 (up 1.88%).
