- The DELL stock price slid beneath the 20-day EMA.
- The DELL stock price fell 11% over the past month.
- It closed at $65.96, with a gain of 2.25% in the past intraday session.
The Dell Technologies (NYSE: DELL) stock price fell roughly 11% after reaching an annual high level of $72.82. The price action suggests that it is in a correction phase and declining while forming consistent lower lows.
The DELL stock price slipped below the 20-day EMA, which washed away a significant chunk of the prior gains. If the price defies the current bearish sentiment and retests the annual high of $72.82, it will conquer the 20-day EMA. However, the 50-day EMA is currently acting as a support level for the bulls.
The DELL stock price has been experiencing an uptrend since early 2023 while forming a higher high structure from its initial low of $35.96. There was no significant bearish intervention observed during the uptrend, as the price was constantly moving upwards. That triggered positive sentiments, and the investors gained profits of roughly 62% during the period. Recently, the DELL stock price closed at $65.96 while witnessing a hike of 2.25% in the last intraday session. The current market capitalization of Dell Technologies is $47.71 Billion, with an average trading volume of 4.369 Million.
Q2-2023 Report Of Dell Technologies Inc.
Dell Technologies (DELL) beat the second quarter earnings and revenue estimates. The company announced its quarterly report on August 31, 2023. The reported earnings of $1.74 per share surpassed the Zacks Consensus Estimate of $1.13 EPS, with an increase of 50.57%.
The company posted a revenue of $22.93 Billion for Q2-2023, outperforming the Zacks Consensus Estimate by 10.36%. However, the DELL stock price gained roughly 38.5% since the start of the year, compared to the S&P 500’s gain of 17.6%.
Will the DELL Stock Price Fall Towards the $60 Mark?
The outperforming result of the Q2 report aids the ongoing uptrend and caused a surge of roughly 25% within a day. Hence, the price attained an annual high due to positive sentiments in the market; however, after that rally, the price faced vigorous participation from bears, which shattered the price downwards.
The current sentiment reflects a bearish dominance, and the RSI sits squarely near the neutral zone. The RSI is currently situated at 47.10, which indicates that the price could break out in either direction.
The Chaikin Money Flow (CMF) score has slid below the 0 mark since September 2023, and it presently stands at -0.08, suggesting weakness and a rise in the participation of sellers in the market.
Conclusion
The market structure and price action of Dell Technologies stock were indicating a bullish stronghold over the price for some time. However, the price has entered the correction phase and is declining while forming consistent lower lows. Traders should look for short-term selling opportunities, but be cautious of the $70 psychology level.
Technical Levels
- Major resistance: $72.82 and $70.77
- Major support: $36.81 and $35.96
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.