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May 05, 2023
- Dell Technologies is eyeing the $43.79 support level
- Dell Technologies looks below $44.58 (3 day Simple Moving Average) as signpost for new negative trend
In yesterday's bearish session, the renowned PC seller shed around 2.17% in quick fashion, found support around the $44.09 level and finally closed at $44.18. In contrast, the day's events followed Wednesday's session in which the stock closed at $45.16.
The renowned PC seller has recovered 33.73% since descending to a significant low of $33.77 around 6 months ago.
Dell Technologies Inc. made an initial break below its 3 day Simple Moving Average at $44.58, a possible indication of a forthcoming negative trend. In contrast, Dell Technologies could begin to recover as it approaches significant support, now 39 cents away from $43.79. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Dell Technologies to extend its recent losses.
Fundamental indicators – United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 242,000, falling short of the 240,000 projections and continuing its decline from the previous 229,000 figure.
Dell Technologies was not the only decliner in the technology sector; Qualcomm went down to $106.58, losing 5.54% after it closed at $112.83 yesterday. Accenture plc Class A (Ireland) closed at $266.5 (down 3.15%).
On the other hand, positive performances could be seen by looking at other technology stocks as AMD added 6.11% to its value, and traded at $86.61.
Upcoming fundamentals: today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000.
