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June 23, 2023
- Price action broke $1.08 above known Fib level ($50.2)
- The lower Bollinger Band® is currently at $44.72 while the higher band is at $51.78
Dell Technologies has posted further gains as part of a 3 day trend that has already seen the stock gain 73 cents. Yesterday's session pointed in the same direction — an influx of buyers helped the multinational technology company to end the session higher around $51.28, while establishing a $49.76 to $51.44 session range yesterday.
The renowned PC seller has fallen back around 2.38% over the past a day, from a notable high of $51.28.
Dell Technologies chart analysis: Dell Technologies Inc. could be slowing down soon; it is getting close to the resistance line and is now at $51.89, only 61 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action overcame a known Fibonacci resistance level at $50.2 by around $1.08 with prices hammering out a $49.76 – $51.44 session range. Asset volatility analysis shows that Dell Technologies's upper Bollinger Band® is at $51.78, this is a slight indication of a slowdown.
Notwithstanding Dell Technologies's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – data from United States concerning Crude Oil Inventories was released yesterday at 15:00 UTC. Newly published figures emphasized continued decline from last month's figure of 7.92 million to -3.83 million this month.
This rally in Dell Technologies's share price coincided with other technology stocks as Microsoft gained 1.84%, as it traded at $339.71.
While Dell Technologies was bullish yesterday, the following technology stocks underperformed: IBM lost 1.88% yesterday and closed at $131.17. Accenture plc Class A (Ireland) went down to $307.25, losing 1.9% after it closed at $313.2 yesterday.
Upcoming fundamentals: United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
