- Dell Technologies could slow down as it approaches resistance at $42.34
- Although higher today, Dell Technologies dipped below its 10 day Simple Moving Average in early trade
While in the midst of a 4 day downtrend, losing a total of 2.16% ($1.5), A possible change of direction spotted from yesterday; after ending Wednesday at $41.18, Dell Technologies went up to $41.91 only to drop back, yet still traded well overall and closed at $41.76 yesterday.
The stock has been trending positively for about a month. Dell Technologies is now trading 21.94% above the significant low ($33.77) it slumped to a month ago.
Despite posting gains on yesterday, Dell Technologies Inc. slid below its 10 day Simple Moving Average at $40.61 during the last session — an early indicator that a negative trend could be emerging. Dell Technologies is 58 cents away from testing key resistance at $42.34. Peaking above this level could inspire market bulls and open the path to further gains.
Examining the technical analysis landscape, Dell Technologies is likely to reverse course and start pointing downward in the short term.
Fundamental indicators – United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7.
A look at other technology stocks also showed bullish price action as Cisco Systems added 4.96% to its value, and traded at $46.59.
While Dell Technologies was bullish yesterday, the following technology stocks underperformed: Salesforce falls 3.5% yesterday to close at $155.12. Intuit lost 3% yesterday and closed at $381.88.
Upcoming fundamentals: United States Existing Home Sales (Oct) will be released today at 15:00 UTC.