Short Term Trading Member Forum

[techcharter]

DELL Near top

This past weekend I posted that I thought there might be a little more rally left in DELL. Today a new 52 week high was made. This may or may not be THE top. This last wave would look better with a another little push to another 52 week high tomorrow.

http://charts.barchart.com/chart.asp?sym=DELL&data=Z30&date=120904&den=HIGH&evnt=ADV...

The daily stochastics continue to be in overbought levels. Bollinger bands are pinching and today's rally retreated from the upper band. MACD has a slight declining slope yet the price has gone up. This is a classic divergence near tops.

On a day filled with such negative news in the tech sector, DELL really held its own. Since the NASDAQ was unable to make a new 52 week high along with DELL, DELL's high is unconfirmed. The larger tech sector is lagging DELL, probably in a wave 2.


http://stockcharts.com/def/servlet/SC.web?c=dell,uu[w,a]dacayyay[dc][pb50!d20,2][vc60][iLp14,3,3!La1...