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March 02, 2023
- Dell Technologies hasn't been as low as $39.97 in 3 weeks.
- Fibonacci support at $40.18 holds firm with prices springing 25.514 cents
Over the last 12 days, Dell Technologies has fallen 6.82%. More of the same from yesterday's session: after a mostly steady day, the multinational technology company lost 0.49% deep into the session, closing at $40.44.
The multinational technology company is now trading 9.89% below its 3-month high of $55.03.
Analysis of Dell Technologies's recent price action suggests Dell Technologies Inc. could begin to recover as it approaches significant support, now 48 cents away from $39.96. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Fibonacci-minded traders witnessed a key Fib level of $40.18 holding firm – an indicator of highly concentrated demand around this level. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $40.25, a low enough level to, generally, suggest that Dell Technologies is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Dell Technologies will remain range-bound for the immediate future.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Dell Technologies was not the only decliner in the technology sector; Apple closed at $145.31 (down 1.42%). Microsoft went down 1.26%, closed at $249.42.
On the other hand, positive performances could be seen by looking at other technology stocks as Salesforce traded at $167.35 after closing yesterday's trading day at $163.61 (up 2.29%).
Upcoming fundamentals: United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 192,000, data will be available today at 13:30 UTC.
