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June 26, 2023
- Dell Technologies could slow down as it approaches resistance at $51.69
- Upper Bollinger Band® currently at $52.46
Dell Technologies has posted further gains as part of a 5 day trend that has already seen the stock gain $1.54. Today's session pointed in the same direction — after closing at $50.87 on Friday, Dell Technologies maintained a strong bullish bias that helped the stock close higher at $51.32 today. However, market bears ensured the the multinational technology company topped out at $51.58 and that by the end of the session, the market had marked out a distinct $50.72 to $51.58 range.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Dell Technologies Inc. price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $52.46, thereby suggesting that Dell Technologies is becoming overvalued. Technical analysis shows that Dell Technologies could be slowing down soon; it is getting close to the resistance line and is now at $51.69, only 37 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Notwithstanding Dell Technologies's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
A look at other technology stocks also showed bullish price action as Qualcomm was up 2.82%.
While Dell Technologies was bullish today, the following technology stocks underperformed: Microsoft went down 1.92%, closed at $335. NVIDIA lost 3.74% today and closed at $406.32.
Upcoming fundamentals: United States Building Permits is expected tomorrow at 12:00 UTC.
