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June 09, 2023
- Price action backs away from resistance at $48.26 despite bullish mood
- Upper Bollinger Band® currently at $49
Dell Technologies has posted further gains as part of a 4 day trend that has already seen the stock gain $2.18. It was more of the same for Dell Technologies yesterday — after closing at $47.66 on Wednesday, Dell Technologies maintained a strong bullish bias that helped the stock close higher at $47.89 yesterday. However, market bears ensured the the renowned PC seller topped out at $48.1 and that by the end of the session, the market had marked out a distinct $47.2 to $48.1 range.
The past 3 months have been positive for the multinational technology company as it added 23.66% compared to its 3-month low of $33.77.
Although Dell Technologies Inc. is appreciating today after rising as high as $48.1, price action is now slowing and consolidating around 37 cents below the $48.26 resistance level. Dell Technologies's upper Bollinger Band® is at $49, this is a slight indication of a slowdown.
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 Initial Jobless Claims published yesterday at 12:30 UTC came out at 261,000, falling short of the 235,000 projections and continuing its decline from the previous 233,000 figure.
This rally in Dell Technologies's share price coincided with other technology stocks as Adobe added 4.95% to its value, and traded at $439.03. Apple traded at $180.57 after closing yesterday's trading day at $177.82 (up 1.55%). Oracle gained 2.12%, as it traded at $107.48.
