Dell Inc (NASDAQ: DELL) breaks Support Says Market Timer Frank Kollar
October 16, 2008 (FinancialWire) (By Frank Kollar)
Shares of computer maker Dell Inc (NASDAQ: DELL) broke support at $15.00 a share. We had expected this level to hold, but it is history after Wednesday's Oct 15 selloff.
The new low is below a short term support level at $12.76 and is the lowest closing low for Dell since January 30, 1998. Dell is now far below its 2002 bear market lows and looks destined to reach its next support level, all the way down at $8.75 a share.
This is a huge decline even from current levels, so watch for a bullish reversal pattern anywhere from current levels on down. But unless the stock market turns higher, Dell looks destined to reach its 1998 correction lows at $8.75.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in Dell Inc .
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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