STMicroelectronics honing in $48.86 as near-term resistance to further upside

• Price action is gradually approaching a key resistance hurdle at $48.86
• STMicroelectronics made an initial breakout above its 10 day Simple Moving Average at $48.46, a potential indicator of a newly emerging bullish phase.

STMicroelectronics has posted further gains as part of a 4 day trend that has already seen the stock gain $1.76. STMicroelectronics stayed on track today: pronounced bullish sentiment in the market helped the Dutch tech company to make a notable 0.97% gain today, rising 47 cents and ultimately closing at $48.7.

The stock has been trending positively for about a month. The past 6 months have been positive for the Dutch tech company as it appreciated 38.67%, having traded as low as $29.56.

STMicroelectronics N.V. made an initial breakout above its 10 day Simple Moving Average at $48.46, a potential indicator of a newly emerging bullish phase. Despite this, STMicroelectronics could be slowing down soon; it is getting close to the resistance line and is now at $48.86, only 16 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

Overall, looking at the technical analysis landscape, it seems STMicroelectronics might continue pointing upwards in the short term.

Fundamental indicators – United States Pending Home Sales fell short of the -0.5% projections, with new data of -2.7%.

This rally in STMicroelectronics's share price coincided with other technology stocks as Accenture plc Class A (Ireland) added 2.19% to its value, and traded at $308.33. IBM traded at $134.06 after closing today's trading day at $131.76 (up 1.75%).

STMicroelectronics went up today, yet these technology stocks did not follow — Intel lost 1.97% today and closed at $32.91.

Upcoming fundamentals: United States Core PCE Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.