STMicroelectronics zeroing in on key resistance at $43.3 and $43.72 thereafter

• Price action oscillating around key resistance at $43.3
• Although higher today, STMicroelectronics dipped below its 10 day Simple Moving Average in early trade

STMicroelectronics has posted further gains as part of a 5 day trend that has already seen the stock gain 85 cents. Today's session pointed in the same direction — after ending yesterday at $42.18, STMicroelectronics spiked to $43.35 today, dropped back to starting point range, and rallied again to $42.88.

Pointing downwards for around a month. The Dutch semiconductor maker has fallen back around 21.14% from the significant high of $53.49 set a month ago.

Despite posting gains on today, STMicroelectronics N.V. slid below its 10 day Simple Moving Average at $42.94 during the last session — an early indicator that a negative trend could be emerging. STMicroelectronics price action is currently oscillating around the $43.3 resistance level with prices moving above and below several times during the session.

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 – data for United States Crude Oil Inventories published today at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

A look at other technology stocks also showed bullish price action as Accenture plc Class A (Ireland) gained 2.05%, as it traded at $268.89. Microsoft added 1.73% to its value, and traded at $312.31. ASML Holding traded at $657.14 after closing today's trading day at $643.05 (up 2.19%).

Upcoming fundamentals: United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published tomorrow at 12:30 UTC.