Dell: Sideways

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Since mid-June, Dell shares have generally been moving sideways. We view the bearish bottoming process as having been completed in spring 2025. Accordingly, we currently place DELL in an uptrend. Within a lower-degree count, an interim correction should have ended around the middle of the month at the $357 support. As our primary scenario, we therefore expect stronger near-term gains that should drive a break above the resistance at $489. Our alternative scenario, with a 40% probability, accounts for the possibility that the interim correction could extend further to the downside after all, potentially undercutting the low we primarily assume at the $357 support.

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