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April 28, 2023
- Dell Technologies drawing closer to significant resistance at $43.14 with potentially further upside ahead
- Known Fib level $42.24 serving as battleground for bulls and bears
An influx of buyers helped the renowned PC seller to end the session higher around $42.8, while establishing a $41.79 to $42.81 session range yesterday.
Dell Technologies hit a significant low of $33.77 around 6 months ago, but has since recovered 23.39%.
Dell Technologies Inc. made an initial breakout above its 5 day Simple Moving Average at $42.42, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $42.24 currently serving as resistance Despite this, Dell Technologies could be slowing down soon as it approaches resistance at $43.14. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Dell Technologies might continue pointing upwards in the short term.
Fundamental indicators – Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%.
A look at other technology stocks also showed bullish price action as Microsoft was up 3.2%. Apple traded at $168.41 after closing yesterday's trading day at $163.76 (up 2.84%). Intuit traded at $429.16 after closing yesterday's trading day at $413.7 (up 3.74%).
Upcoming fundamentals: United States Core PCE Price Index (MoM) (Mar) is expected today at 12:30 UTC.
