Interesting Setup On Dell
Hello old friend! Dell is one of those stocks
that has historically traded well with pattern recognition and Fibonacci zones.
Today, we find Dell on an 84 day skid that has translated to a 5.4 point/13%
loss. What’s interesting about the stock today is that it has filled a gap from
2004, hit a big Fibonacci price support zone, and this correction is now
symmetrical with the previous correction at 6 points back in the spring of
2004…hmmm…isn’t it springtime? I’d consider longs above 38 with a stop below
this support zone around 34.60. I’m looking for a 40-42 zone for my first
target.
Until next time!
Derrik