PC Leader Seeing AI Growth Drivers Setting Up High Tight Bull Wedge Pattern
Dell (DELL) shares are putting in a tightly coiled bull wedge after consolidating the strong earnings report gap move from early September and now seeing the rising 55-day MA catch up to price near 65. DELL has a strong pattern that can trigger a breakout move above 68 top of value and push for a retest towards 71-72 near the recent highs. Biggest picture this recent gap higher is a breakout of the weekly chart pattern that suggests much higher prices to come into 2024 with the 1.618% fib extension near 80. DELL has seen a lot of bullish flow as it digests the recent gap including 2000 June $57.5 puts sold to open and 1600 of the $75 calls bought to open earlier this month. CEO Michael Dell also recently said in an interview that AI will be another driver of growth.