Keep an eye on oversold shares of Dell (SYM: DELL).
After plunging from about $150 to just under $90, the oversold tech stock is starting to pivot higher. It’s also starting to pivot from over-extensions on RSI, MACD and Williams’ %R. From its last traded price of $110.64, we’d like to see DELL initially refill its bearish gap at around $140.
Helping, Barclays just upgraded the stock to equal weight from underweight, noting that, “Since DELL reported FQ1 earnings May 30th, the stock has dropped ~34% vs SPX +1% and NDX -.1%. We believe much of the share price contraction has been the market coming to terms with these structural issues surrounding the AI business, and with this correction, we move to Equal Weight from Underweight,” as noted by CNBC.
