My Watchlist [117]: DELL... Getting Tight!
Hi everyone. In this newsletter, I’ll be updating my TA on a company that Jensen Huang loves and appreciates:
Dell Technologies Inc. (NYSE: DELL)
In my previous newsletter, I talked about the 129.27 level. Bullish divergence formed around the 78.6% Fib retracement on the lower timeframes, which was followed by a strong move towards the 38.2% Fib retracement at 158.29. A lower high was formed, and now we can see a triangle pattern forming.
On the 4h chart, we can see clear signs of basing for another move higher. In the short-term, I am expecting a move higher towards 149.82 before a breakout and a move towards the 165.11 level to fill the entirety of the bearish gap. Ultimately, I am still expecting DELL to go back towards 173.62 and fill that imbalance.
In my previous newsletter, I initiated coverage on DELL with a BUY. I am leaving sentiment unchanged as the current risk-to-reward favours bulls over bears, despite the wider indices appearing to be near tops.
However, if DELL were to lose its Mar’24 support trendline, then it will head back towards 129.27 and subsequently the gap fill at 123.91-124.71.
Sentiment: BUY (Unchanged)
Summary (with Price Targets - NFA):
Key for DELL is a breakout or breakdown from its current consolidation pattern
A breakout will see a move towards 173.62 to fill the imbalance left behind, while a breakdown will see a move towards 123.91-124.71 and lower, which would warrant another update
All right, that’s all for this newsletter. Till next time!
$Dell Technologies Inc.(DELL)$ $NVIDIA Corp(NVDA)$ $Advanced Micro Devices(AMD)$ $SUPER MICRO COMPUTER INC(SMCI)$ $Micron Technology(MU)$
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