Key support level at $40.04 looms for downtrending Dell Technologies; currently 19 cents away

• Dell Technologies is eyeing the $40.04 support level
• Although down today, Dell Technologies rose above its 5 day Simple Moving Average around earlier in the session

Dell Technologies's downtrend has seen it decline 1.81% in 4 days More of the same from yesterday's session: in yesterday's bearish session, the multinational technology company shed around 1.4% in quick fashion, found support around the $40.23 level and finally closed at $40.23. In contrast, the day's events followed Wednesday's session in which the stock closed at $40.8.

The multinational technology company is up 20.82% from the significant low of $33.77 it hit 5 months ago.

Dell Technologies Inc. could begin to recover as it approaches significant support, now 19 cents away from $40.04. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Dell Technologies peaked above its 5 day Simple Moving Average around $40.54 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems Dell Technologies —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

Fundamental indicators – United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts.

Dell Technologies was not the only decliner in the technology sector; IBM lost 1.24% yesterday and closed at $130.5.

On the other hand, positive performances could be seen by looking at other technology stocks as Microsoft gained 2.55%, as it traded at $291.6. Intuit was up 1.91%.

Upcoming fundamentals: today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000.