Key support level at $41.57 looms for downtrending Dell Technologies; currently 32 cents away

• Nearest support line of $41.57 is only 32 cents away
• Dell Technologies explored above its 200 day Simple Moving Average around $42.19, a potential early indicator of a new bullish phase to come

Dell Technologies's bearish run has lasted 6 days so far (-92 cents). More of the same from yesterday's session: the multinational technology company dropped 1.39% early on and traded close to the $41.89 level.

The stock has been trending positively for about a month. The renowned PC seller is now trading 25.79% above the significant low ($33.77) it slumped to 4 months ago.

Technical analysis shows that although Dell Technologies Inc. is down today and was as low as $41.69, it seems to be recovering slightly and climbing away from the $41.57 support line and is now 32 cents above it. Trend-focused traders would be interested to note that despite being in the red so far in the current trading session, Dell Technologies peaked above its 200 day Simple Moving Average around $42.19 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, the technical outlook suggests Dell Technologies is likely to remain muted for the immediate future, with no clear-cut direction.

Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.

Dell Technologies was not the only decliner in the technology sector; Intel went down 5.61%, closed at $27.61. Accenture plc Class A (Ireland) went down to $269.15, losing 2.85% after it closed at $277.05 yesterday. IBM went down to $131.71, losing 2.45% after it closed at $135.02 yesterday.

Upcoming fundamentals: tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million.