- Price action honing in on likely support at $41.16
- Dell Technologies's upper Bollinger Band® is at $42.95 which indicates a further downward move may follow.
Though in the midst of a 5 day uptrend, gaining a total of 5.57%, ($2.41), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Despite the risk-off mood, Dell Technologies was range-bound between $41.7 to $42.78 and settled at $42.24.
Dell Technologies hit a significant low of $33.77 around 3 months ago, but has since recovered 25.61%.
Despite being in the red so far in the current trading session, Dell Technologies Inc. peaked above its 200 day Simple Moving Average around $42.47 — typically an early indicator of a new bullish trend beginning to emerge. Dell Technologies could begin to recover as it approaches significant support, now $1.08 away from $41.16. Dipping below could be an indication that further losses are ahead. In contrast, Dell Technologies's upper Bollinger Band® is at $42.95 which indicates a further downward move may follow.
Despite today's losses, technical analysis indicates that Dell Technologies might continue its recent uptrend in the short term.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Jan) came out at 55.2, while a consensus of analysts was expecting 50.4.
Dell Technologies was not the only decliner in the technology sector; Intuit went down to $423.76, losing 6.28% after it closed at $452.16 yesterday. Microsoft dips 2.36% yesterday to close at $264.6.
On the other hand, positive performances could be seen by looking at other technology stocks as Apple was up 2.44%.