New Heights in Sight for Big Tech Behemoth, Says Bull Signal

The equity is a little over a month removed from a record high

Deputy Editor
Oct 23, 2023 at 12:43 PM
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Dell Technologies Inc (NYSE:DELL) was last seen 0.5% higher at $65.87, just a little over a month after the stock's Sept. 11 record high of $72.80. The shares are down nearly 6% over the last month, though DELL is within striking distance of a historically bullish trendline that could help it reclaim its aforementioned highs.

Specifically, Per Schaeffer's Senior Quantitative Analyst Rocky White, Dell stock is trading within one standard deviation of its 50-day moving average for the third time in the past three years. The equity managed positive returns a month after each signal, averaging a 16.8% gain. A move of similar magnitude from its current perch would put DELL at almost $77, or new record high territory. 

DELL Chart October 232023

Despite a 78.8% year-over-year rise (and just generally being one of Big Tech's most well-known names), some analysts are still pessimistic on the stock. While 10 recommend a "buy" or better, three still rate Dell stock a "hold" or worse, so an unwinding of this sentiment could lend the security a little help.

 

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