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April 21, 2023
- Key support at $47.06 holds firm despite apparent early break
- The lower Bollinger Band® is currently at $47.28 while the higher band is at $53.61
While on a 6 day downtrend Today is looking a bit better: as we reach the end of the session, the Dutch semiconductor maker trades at $47.4 with no clear-cut direction and ranging between $46.97 and $47.61.
Approximately 21 days ago, the Dutch tech company reached a significant high of $53.49 but has struggled to hold onto its gains and declined 11.31% since then.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, STMicroelectronics's upper Bollinger Band® is at $53.61 and the lower is $47.28. As the trading day comes to an end, chart analysis indicates after reaching the $47.06 support zone, STMicroelectronics bounced and climbed 34 cents above it.
The current technical outlook indicates STMicroelectronics will continue to ebb sideways within tight ranges for the immediate future.
Fundamental indicators – United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5.
Meanwhile, mixed performances are seen in other technology stocks as SAP is trading at $133.77 after ending yesterday's session at $126.86 (up 5.45%). After closing the previous session (yesterday) at $89.29, TSM lost $3.84 and is trading around $85.45. Intel is down to $30.31, losing 1.78%, after ending yesterday at $30.86.
