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June 12, 2023
- Dell Technologies drawing closer to significant resistance at $48.32 with potentially further upside ahead
- Upper Bollinger Band® currently at $49.06
Dell Technologies has posted further gains as part of a 5 day trend that has already seen the stock gain $2.13. Today continued on the same track for Dell Technologies — bullish sentiment helped the multinational technology company to hammer out a noteworthy $47.62 to $48.12 range today, and finally closing at $48.07 to end the session.
The renowned PC seller now trading 29.66% above its 3-month low of $33.77.
Dell Technologies Inc. could be slowing down soon as it approaches resistance at $48.32. Of course, crossing it might suggest further gains are ahead. Despite posting gains on today, Dell Technologies slid below its 3 day Simple Moving Average at $47.72 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $49.06, thereby suggesting that Dell Technologies is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Dell Technologies is set for a reversal in the coming days.
Fundamental indicators – United States Federal Budget Balance (May) released today at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion.
A look at other technology stocks also showed bullish price action as Intel gained 5.52%, as it traded at $33.07. Oracle added 6% to its value, and traded at $116.43. Adobe was up 4.54%.
Upcoming fundamentals: United States Consumer Price Index is expected tomorrow at 12:30 UTC.
