- Dell Technologies hasn't been as low as $39.97 in 3 weeks.
- Fibonacci support at $40.18 holds firm with prices springing 25.514 cents
Over the last 12 days, Dell Technologies has fallen 6.82%. Yesterday's session continued the recent downtrend: after a mostly steady day, the renowned PC seller lost 0.49% deep into the session, closing at $40.44.
The renowned PC seller has shed 9.89% over the past three months.
A study of Dell Technologies's chart reveals various key levels to watch: Dell Technologies Inc. could begin to recover as it approaches significant support, now 48 cents away from $39.96. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Fibonacci-minded traders witnessed a key Fib level of $40.18 holding firm – an indicator of highly concentrated demand around this level. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $40.25, a low enough level to, generally, suggest that Dell Technologies is trading below its fair value.
Overall, the technical outlook suggests Dell Technologies is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Dell Technologies was not the only decliner in the technology sector; Apple went down 1.42%, closed at $147.41. Microsoft went down to $246.27, losing 1.26% after it closed at $249.42 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as Salesforce was up 2.29%.
Upcoming fundamentals: today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.