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April 13, 2023
A quick look at yesterday: despite the risk-off mood, Arrow Electronics was range-bound between $117.94 to $119.86 and settled at $118.39.
Arrow Electronics is currently trading at $118.39 following the release of FOMC Meeting Minutes data from the United States.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
While price action maintains a negative bias, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
A study of Arrow Electronics's historical price actions shows Arrow Electronics, Inc. could begin to recover as it approaches significant support, now 79 cents away from $117.6. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Arrow Electronics made an initial break below its 21 day Simple Moving Average at $118.68, a possible indication of a forthcoming negative trend. Yesterday's price action generated a Japanese candlestick pattern showing a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. According to asset volatility analysis, Arrow Electronics's lower Bollinger Band® is at $114.45, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Notwithstanding Arrow Electronics's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Arrow Electronics was not the only decliner in the technology sector; Qualcomm slides down 2.67% yesterday to close at $123.57. TSM went down to $86.87, losing 2.66% after it closed at $89.24 yesterday. IBM went down to $128.54, losing 1.44% after it closed at $130.42 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Core Retail Sales are set for a continuation of decline with -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 232,000, following on from the preceding figure of 228,000. New data is set to be published today at 12:30 UTC.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
Approximately 2 months ago, the electronics company reached a significant high of $132.53 but has struggled to hold onto its gains and declined 10.41% since then.
