- Upward momentum including 0.61% gain insufficient to breach pivotal resistance level at $35.06
- Although higher today, Dell Technologies dipped below its 5 day Simple Moving Average in early trade
While Dell Technologies was in the midst of a 3 day downtrend— in which it lost a total of 1.49%— Yesterday may indicate a change of direction; Dell Technologies went up to $34.47, gaining 0.61%.
Dell Technologies reached a significant high of $114.54 around 11 months ago but has lost 70.09% since then.
Although Dell Technologies Inc. is appreciating today after rising as high as $35.17, price action is now slowing and consolidating around 59 cents below the $35.06 resistance level. Despite posting gains on yesterday, Dell Technologies slid below its 5 day Simple Moving Average at $34.27 during the last session — an early indicator that a negative trend could be emerging. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Examining the technical analysis landscape, Dell Technologies is likely to reverse course and start pointing downward in the short term.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
This rally in Dell Technologies's share price coincided with other technology stocks as Microsoft traded at $237.53 after closing yesterday's trading day at $228.56 (up 3.92%). Intuit was up 6.22%. Accenture plc Class A (Ireland) was up 3.76%.
Upcoming fundamentals: United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.