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June 10, 2023
- Price action is gradually approaching a key resistance hurdle at $48.27
- The lower Bollinger Band® is currently at $41.46 while the higher band is at $47.5
STMicroelectronics has posted further gains as part of a 12 day trend that has already seen the stock gain $4.88. Yesterday continued on the same track for STMicroelectronics — after closing at $47.04 on Thursday, STMicroelectronics maintained a strong bullish bias that helped the stock close higher at $47.23 yesterday. However, market bears ensured the the Dutch semiconductor maker topped out at $47.96 and that by the end of the session, the market had marked out a distinct $47.13 to $47.96 range.
The stock has been trending positively for about a month. The Dutch tech company has fallen back around 12.06% from the significant high of $53.49 set 2 months ago.
Visual analysis of STMicroelectronics's chart shows that STMicroelectronics N.V. could be slowing down soon; it is getting close to the resistance line and is now at $48.27, only $1.04 away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as STMicroelectronics price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, STMicroelectronics's upper Bollinger Band® is at $47.5, this is a slight indication of a slowdown.
Overall, while STMicroelectronics has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600.
This rally in STMicroelectronics's share price coincided with other technology stocks as Adobe added 3.41% to its value, and traded at $454. TSM gained 2.86%, as it traded at $102.8. Salesforce was up 2.76%.
