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Technology Stocks : DELL TA ONLY
DELL 59.91+0.6%Aug 14 4:00 PM EDT

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To: Al Cano who wrote (201)2/21/1999 3:23:00 PM
From: E. Davies   of 202
 
Ok folks, time for some TA on DELL again! Looks like we need it after every earnings announcement.
Heres my shot:
DELL is currently bouncing against the 50dma with the 200dma around 60. DELL never stays below the 50dma for very long, actually most often it bounces right off it and never reaches the 200dma.
Support looks pretty thick to me in the 73-80 range and of course we are short term extremely oversold but on a three week downtrend.
Lastly there is a chance that DELL pegged at exactly 80 Friday due to options expiration.
My conclusion is that DELL is likely to continue to find enough support in the high 70's to ride out the rest of the tech correction between say 78 and 85. This is of course assuming we dont have more nasty bear like last fall in which case DELL will easily see low 70's with an outside shot to the mid 60's.
This correction has bought us so far right back inline with the near flawless long term and medium trend up so longer term I see back to 100 within 2-3 months.
Anything worse than what I have describe means that DELL has finally lost its groove, until then we are fine.
Lets have some opinions!
Eric
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