STMicroelectronics's prevailing uptrend now faces a challenge at $45.32 as resistance

• Price action is gradually approaching a key resistance hurdle at $45.32
• The lower Bollinger Band® is currently at $40.74 while the higher band is at $45.74

STMicroelectronics has posted further gains as part of a 12 day trend that has already seen the stock gain $3.18. Friday's session pointed in the same direction — ending Thursday at $44.51, the Dutch tech company rallied 1.19% Friday and stayed at the $45.04 level.

The Dutch semiconductor maker reached a significant high of $53.49 around a month ago but has lost 16.79% since then.

Technical analysis trend indicators suggest that investors are seeking long positions as STMicroelectronics N.V. price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $45.74, thereby suggesting that STMicroelectronics is becoming overvalued. Technical chart analysis shows STMicroelectronics could be slowing down soon as it approaches resistance at $45.32. Of course, crossing it might suggest further gains are ahead.

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

A look at other technology stocks also showed bullish price action as Adobe traded at $371.25 after closing Friday's trading day at $360.43 (up 3%). Cisco Systems traded at $49.13 after closing Friday's trading day at $48.2 (up 1.93%).

While STMicroelectronics was bullish Friday, the following technology stocks underperformed: Applied Materials descends 2.29% Friday to close at $129.92.

Upcoming fundamentals: United States New Home Sales (Apr) is scheduled for tomorrow at 14:00 UTC.