| 
May 26, 2023
- Price action is gradually approaching a key resistance hurdle at $42.83
- 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
While STMicroelectronics was in the midst of a 4 day downtrend— in which it lost a total of 6.43%— A possible change of direction spotted from yesterday; STMicroelectronics ended Wednesday at $42.16. yesterday it went up to $42.6 only to drop back, yet still managed to close at $42.49.
The Dutch tech company has fallen back around 21.18% from the significant high of $53.49 set a month ago.
'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. STMicroelectronics's lower Bollinger Band® is at $40.9, indicating that the market is oversold and fertile for new buyers. On the other hand, note that STMicroelectronics could be slowing down soon as it approaches resistance at $42.83. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, STMicroelectronics might continue its downtrend in the short term.
Fundamental indicators – United States Pending Home Sales fell short of the 0.5% projections, with new data of 0%.
This rally in STMicroelectronics's share price coincided with other technology stocks as NVIDIA was up 24.37%. TSM traded at $100.95 after closing yesterday's trading day at $90.13 (up 12%). AMD added 11.16% to its value, and traded at $120.35.
Upcoming fundamentals: today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.
