Dell- Upside momentum is back

DELL . Despite weaker earning expectations, Dell managed to stay afloat and consolidate into a potential bullish flag. We think that there is still short-term upside expectation as the doji candle managed to stay above the 9-period conversion line. Furthermore, based on the Elliott wave theory, the stock is likely to end its ABC corrective three wave structure as momentum is back to the upside and stock has broken above the intermediate downtrend line of wave B to wave C.

Meanwhile, MACD is showing long-term positive momentum, along with mid-term stochastic.

Target wise we expect Dell to reach 140.00 region to fill the bearish gap. Any correction we will be looking at 100.00 psychological support to stage a rebound.