Dell earnings beat expectations. Price moves away from the 200 day MA.

August 29, 2024
-FCHFX

August 29, 2024 at 09:11PM
Dell announced their earnings after the close and beat on the top and bottom lines:

EPS $1.89 versus $1.71 expected

Revenues $25.03 billion versus $24.14 billion expected

Dell shares closed at $110.74 and are trading higher by $7.10 or 6.41% at $117.85.

Dell shares traded as high as $114.44 intraday and as low as $108.10. At session lows, the price tested its key 200-day moving average at $108.02 and found willing buyers (it closed at $110.74)

With the price now trading near $118, the price is moving away from that 200 day moving average. On the top side, the 100 day moving average comes in at $127.51.

Going back to July 17, the price gapped below that 100 day moving average (blue line in the chart below) and stayed below that moving average. Getting back above the moving average is still needed to increase the bullish bias going forward.

This article was written by Greg Michalowski at www.forexlive.com.

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