STMicroelectronics now only 90 cents from key resistance at $49.7

• STMicroelectronics drawing closer to significant resistance at $49.7 with potentially further upside ahead
• A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.

STMicroelectronics has posted further gains as part of a 3 day trend that has already seen the stock gain 97 cents. This session seems to remain in the same lane for now — although STMicroelectronics increased from $48.54 to $49.39, the stock dropped back and is now priced at $48.8.

The stock has been trending positively for about 2 months. This year has been a bright one for the Dutch tech company after trading as low as $29.56 and going on to appreciate by 37.31% year to date.

'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. STMicroelectronics's upper Bollinger Band® is at $49.91, this is a slight indication of a slowdown. STMicroelectronics could be slowing down soon; it is getting close to the resistance line and is now at $49.7, only 90 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest STMicroelectronics is set for a reversal in the coming days.

Fundamental indicators – highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.

A look at other technology stocks also shows bullish price action as Intel is up 2.57%.

While STMicroelectronics is higher so far today, these technology stocks are struggling: after closing the previous session (yesterday) at $86.87, Oracle lost $3.12 and is trading around $83.75. After closing the previous session (yesterday) at $259.76, Accenture plc Class A (Ireland) lost $5.76 and is trading around $254.