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April 17, 2023
- Dell Technologies hasn't traded above $43.89 for 2 months.
- Price action oscillating around key resistance at $43.78
Dell Technologies has posted further gains as part of a 6 day trend that has already seen the stock gain $3.05. Today's session so far looks to be heading in the same direction — the renowned PC seller gains 57.5 cents (1.33%) and hovers around the $43.85 level as it reaches the end of the trading session.
The stock has been trending positively for about a month. Dell Technologies hit a significant low of $33.77 around 6 months ago, but has since recovered 28.16%.
As the trading day comes to an end, chart analysis indicates Dell Technologies Inc. could be slowing down soon as it approaches resistance at $43.78. Of course, crossing it might suggest 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 $43.4 by around 45.5 cents with prices hammering out a $42.71 – $43.89 session range. According to momentum evaluation, the Relative Strength Index indicates Dell Technologies is in an overbought condition. According to asset volatility analysis, Dell Technologies's upper Bollinger Band® is at $43.89, 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 – United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.
A look at other technology stocks also shows bullish price action as Microsoft is trading at $288.19 after ending Friday's session at $286.14 (up 0.72%).
While Dell Technologies is higher so far today, these technology stocks are struggling: after closing the previous session (Friday) at $666.2, ASML Holding lost $28.37 and is trading around $637.83. AMD is trading around $89.63 (down 2.31%).
Upcoming fundamentals: United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
