Dude…you gotta watch DELL – June 29, 2021

by DAN DELL 
This is Scott with your Chart of the Day. Instead of, Dude, you got a Dell ( NYSE: DELL ), I want to talk about Dude, we’ve got to watch Dell ( NYSE: DELL ). This stock was one of the many that traders in our trading forum at stockmarketmentor.com were all over today. This is one that we had an alert on and I think you should keep an eye on it too because it has had a pretty interesting sideways consolidation over the last 2.5 months here.

As you can see Dell ( NYSE: DELL ) gapped up, did it on high volume, and for 2 months this has just gone sideways. Pretty much the whole time it has been able to hold above this 50-day moving average showing that when it comes down to a key support zone institutions are stepping in and supporting it. Yes, it did get down here a little one time but they zipped it back up and it just kind of went sideways.

Now, here’s what’s even better, on the weekly chart, if I flip to the weekly chart we see that nice 2.5 month base going sideways. Look at this volume from last week, we pretty much have a nothing week, it didn’t go anywhere but there is some big volume there. So maybe some hidden accumulation of Dell ( NYSE: DELL ) was taking place last week.

Now, while we have seen some stocks like Apple ( NASDAQ: AAPL ), and Amazon ( NASDAQ: AMZN ), and CrowdStrike ( NASDAQ: CRWD ), and Facebook ( NASDAQ: FB ), get to new highs Dell ( NYSE: DELL ) isn’t in new high ground right now. And the last 3-days we have had some really big volume spikes. So that has me interested in Dell ( NYSE: DELL ).

I think it could get even more interesting if it is able to break above this clearly defined level of resistance right around 104.50. So I am going to set an alert at 104.50 for a breakout momentum buy in blue sky territory, and I think it’s worth watching for you as well. So keep an eye on Dell ( NYSE: DELL ) and we will see where it goes together.

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