Dell Technologies's prevailing uptrend now faces a challenge at $55 as resistance

• Price action backs away from resistance at $55 despite bullish mood
• Upper Bollinger Band® currently at $55.04

Dell Technologies has posted further gains as part of a 10 day trend that has already seen the stock gain $4.78. Today's session pointed in the same direction — the multinational technology company went up to $54.61, gaining 0.92%.

The stock has been trending positively for about a month. The multinational technology company now trading 32.07% above its 3-month low of $33.77.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Dell Technologies is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $55.04, thereby suggesting that Dell Technologies is becoming overvalued. A study of Dell Technologies's chart reveals various key levels to watch: although Dell Technologies is appreciating today after rising as high as $54.78, price action is now slowing and consolidating around 40 cents below the $55 resistance level.

Overall, while Dell Technologies has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Fundamental indicators – United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2.

A look at other technology stocks also showed bullish price action as Sony Group Corporation was up 1.95%. TSM was up 1.88%.

While Dell Technologies was bullish today, the following technology stocks underperformed: Oracle lost 1.63% today and closed at $117.15.