Bullish Dell Technologies peaks above key resistance at $47.07 but retreats $1.61 later in the session

• Price action backs away from resistance at $47.07 despite bullish mood
• Known Fib level $45.5 serving as battleground for bulls and bears

While Dell Technologies was in the midst of a 4 day downtrend— in which it lost a total of 6.29%— A possible change of direction spotted from yesterday; an influx of buyers helped the renowned PC seller to end the session higher around $45.46, while establishing a $44.71 to $47.5 session range yesterday.

The past 3 months have been positive for the renowned PC seller as it added 12.62% compared to its 3-month low of $33.77.

'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Dell Technologies made an initial breakout above its 21 day Simple Moving Average at $46, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Dell Technologies is oscillating around the key Fibonacci resistance level of $45.5. Despite this, although Dell Technologies is appreciating today after rising as high as $47.5, price action is now slowing and consolidating around $1.61 below the $47.07 resistance level.

Examining the technical analysis landscape, Dell Technologies might continue its downtrend in the short term.

Fundamental indicators – United States Crude Oil Inventories improved upon its previous reading of -12.46 million with a new data release of 4.49 million.

This rally in Dell Technologies's share price coincided with other technology stocks as NVIDIA was up 5.12%. Sony Group Corporation gained 3.16%, as it traded at $96.66.

While Dell Technologies was bullish yesterday, the following technology stocks underperformed: Salesforce went down 4.69%, closed at $223.38.

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 180,000, following on from the preceding figure of 253,000. New data is set to be published today at 12:30 UTC.