STMicroelectronics zeroing in on key resistance at $44.74 and $45.12 thereafter

• Price action oscillating around key resistance at $44.74
• Upper Bollinger Band® currently at $45.83

STMicroelectronics has posted further gains as part of an 8 day trend that has already seen the stock gain $2.19. Today's session pointed in the same direction — bullish sentiment helped the Dutch semiconductor maker to hammer out a noteworthy $43.62 to $44.87 range today, and finally closing at $44.83 to end the session.

The stock has been trending positively for about a month. Over the past 2 months, the Dutch tech company has retreated 17.09% from a noteworthy peak of $53.49.

Chart analysis suggests STMicroelectronics N.V. broke through the $44.74 resistance and climbed 9 cents above it. Trend-focused traders would be interested to note that STMicroelectronics made an initial breakout above its 10 day Simple Moving Average at $43.94, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $45.83, thereby suggesting that STMicroelectronics is becoming overvalued.

Notwithstanding STMicroelectronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Fundamental indicators – United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8.

This rally in STMicroelectronics's share price coincided with other technology stocks as Intel was up 3.68%. AMD was up 5.34%. Qualcomm gained 3.22%, as it traded at $116.36.

Upcoming fundamentals: tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.