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May 30, 2023
- $1.57 is STMicroelectronics's largest daily jump in 3 weeks.
- STMicroelectronics drawing closer to significant resistance at $44.65 with potentially further upside ahead
STMicroelectronics has posted further gains as part of a 3 day trend that has already seen the stock gain 33 cents. On-trend STMicroelectronics closed the session Friday with more of the same: pronounced bullish sentiment in the market helped the Dutch semiconductor maker to make a notable 3.69% gain Friday, rising $1.57 and ultimately closing at $44.06.
The Dutch tech company reached a significant high of $53.49 around a month ago but has lost 20.56% since then.
Trend-following investors would be interested to note that STMicroelectronics N.V. made an initial breakout above its 21 day Simple Moving Average at $43, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $45.27, thereby suggesting that STMicroelectronics is becoming overvalued. Visual analysis of STMicroelectronics's chart shows that STMicroelectronics is 59 cents away from testing key resistance at $44.65. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding STMicroelectronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other technology stocks also showed bullish price action as Intel gained 5.84%, as it traded at $29. Qualcomm was up 6.09%. Accenture plc Class A (Ireland) added 4.06% to its value, and traded at $303.6.
Upcoming fundamentals: United States Consumer Confidence projected to decline to 99 while previous data was 101.3; data will be released today at 14:00 UTC.
