Dell spikes - Analysis - 31-05-2022

Dell's stock surged 12.86% in the last session, or 5.65 points, and settled at 49.58, with trading volumes surpassing 15.8 million shares, above 10-day averages of 7.5 million shares.

The gains came after the company reported a profit of $1.84 per share, beating estimates of $1.39, on sales of $26.1 billion, beating estimates of $25 billion. 

Technically, the stock shook off negative pressure from the 50-day SMA, supported by positive signals from the RSI, and higher trading volumes, with the main upward medium-term trend dominating once more amid the dominance of the downward correctional wave in the short term. 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 61.54, provided the support of 45.89 holds on.

Expected trend for today: Bullish