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June 05, 2023
- Dell Technologies is eyeing $45.81 as its nearest support level
- Price action is currently stuck around the active Fibonacci support level of $45.5
The renowned PC seller plunged into the red after losing 3.79%, declining to $45.48.
The renowned PC seller now trading 18.8% above its 3-month low of $33.77.
Dell Technologies Inc. made an initial break below its 21 day Simple Moving Average at $46.15, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $45.5 currently serving as support. If price action breaks below, the next Fib hurdle is $43.49. Despite this, Dell Technologies could begin to recover as it approaches significant support, now 33 cents away from $45.81. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Dell Technologies to extend its recent losses.
Fundamental indicators – United States ISM Non-Manufacturing PMI (May) released today at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9.
Dell Technologies was not the only decliner in the technology sector; Intel closed at $29.86 (down 4.63%). Accenture plc Class A (Ireland) lost 2.23% today and closed at $304.45.
On the other hand, positive performances could be seen by looking at other technology stocks as Intuit added 2.87% to its value, and traded at $442.84.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.
