The charts of Dell Technologies (DELL) are turning lower as Goldman Sachs cut their rating on the company to neutral and removed it from their conviction buy list. Let's see what sort of damage was done and where prices could head next.
In our January 10 review we wrote that "I have no special knowledge of what DELL may announce on Tuesday afternoon but CEOs typically like to boast of accomplishments and new initiatives. The charts are bullish heading into Tuesday so traders who are long should continue to hold those positions but risk to $52." 
In this daily bar chart of DELL, below, we can see that prices sank to our sell stop in late February. There was a rebound in March but prices gapped sharply lower Thursday. A close below the March lows looks likely now and would refresh the downtrend.
It is interesting that the On-Balance-Volume (OBV) line did not improve in March when prices moved higher. This shows me that there was no serious commitment to buy by traders.
The Moving Average Convergence Divergence (MACD) oscillator remains below the zero line and is rolling over to a new downside crossover.
In this weekly Japanese candlestick chart of DELL, below, we see prices at an interesting juncture. There are some lower shadows around $50 but a close below $50 will refresh the downtrend. Prices are below the cresting 40-week moving average line.
The weekly OBV line has stalled the past two months. The MACD oscillator has been weakening since May and is now close to crossing below the zero line for an outright sell signal.
In this daily Point and Figure chart of DELL, below, we can see that the software still shows us an upside price target of $67. A trade at $48 would be a new low and turn the chart bearish.
Bottom line strategy: Shares of DELL look vulnerable to further declines. Avoid the long side.
