- Price action honing in on likely support at $40.48
- Price action is currently stuck around the active Fibonacci support level of $40.81
While Dell Technologies is on a 5 day uptrend Yesterday's session put the brakes on the ongoing uptrend — after ending Tuesday's session at $40.9, Dell Technologies went up to $41.6 yesterday only to fall back and close at $40.94.
Pointing downwards for around a month. Having set a significant low of $33.77 2 months ago, the multinational technology company is trading 21.11% higher.
Dell Technologies Inc. made an initial break below its 50 day Simple Moving Average at $40.78, a possible indication of a forthcoming negative trend. Having stamped out a session range of $40.58 to $41.6, Fibonacci-inclined Dell Technologies traders were highly concentrated around active Fibonacci support at $40.81. On the other hand, note that Dell Technologies is approaching key support, around 46 cents away from $40.48. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Dell Technologies is positioned for a downward move in the near term.
Fundamental indicators – United States JOLTs Job Openings (Nov) released yesterday at 15:00 UTC with a figure of 10.46 million, while the previous figure was 10.51 million.
Meanwhile, mixed performances were seen by other technology stocks as Microsoft closed at $229.1 (down 4.37%). Qualcomm was up 4.04%. Intel added 3.55% to its value, and traded at $27.68.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with 1.15 million. It previously stood at 718,000; data will be released today at 16:00 UTC.