- Price action honing in on likely support at $37.12
- Dell Technologies looks below $38.45 (5 day Simple Moving Average) as signpost for new negative trend
Pronounced bearish sentiment in the market pushed Dell Technologies into a notable 3.78% slide yesterday, falling $1.48 and ultimately closing at $37.67.
Dell Technologies hit a significant low of $33.77 around 22 days ago, but has since recovered 15.93%.
Dell Technologies Inc. made an initial break below its 5 day Simple Moving Average at $38.45, a possible indication of a forthcoming negative trend. In contrast, Dell Technologies could begin to recover as it approaches significant support, now 55 cents away from $37.12. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Dell Technologies to extend its recent losses.
Fundamental indicators – United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25.
Dell Technologies was not the only decliner in the technology sector; Salesforce went down 6.14%, closed at $159.82. Microsoft went down 3.54%, closed at $228.17. ASML Holding closed at $446.33 (down 6.11%).
Upcoming fundamentals: as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 263,000. New data is set to be published tomorrow at 12:30 UTC.