Hi, this is my first time here I'm just a beginner in day trading on stocks and I want to share my ideas about the simple resistance/support levels strategy. Although I see a flag pattern and a nearly breakout coming specially if it won't break the 3 support levels. on the other hand if it did a touch on the down trendline with a pullback it will be a very bullish...
First off, please don't take anything I say seriously. As always, this is on opinion based basis. That being said, let me get into a few insights. I believe that Dell looks like it may be on a bullish or breakout period for a retracement wave from March's bearish "panic sell decline". This is a guess that I am taking given the Covid19 period and the patterns...
Here we have a fundamental growth company ready for growth. The technical analysis agrees we are ready for the upward
-Two waves up since early April
-A retrace from those two waves to the critical 38.2 level
-The retrace is building a bullish divergence
-False Breaks on the 1 hour and 4 hour TFs.
The first price target is the most recent high at $80 a share....
