Intraday All Time Tops.
In the past year, DELL has hit 7 new intraday all time tops, only to pull back, consolidate/move down, and then move higher once again.
The seven times are as follows:
1. October 27, 1997. DELL hits $23 1/8 as an intraday all time high. The stock takes 27 sessions to break away higher, moving as low as 17 1/2 in the cycle (a 24% correction).
2. December 8, 1997. DELL hits $24 1/16 as an intraday all time high. It takes 33 sessions to go higher once again and hits $18 13/16 on the low side of the move (a 22% correction).
3. March 3, 1998. DELL hits an all time intraday high of $36. It takes 35 sessions set a new high. Stock hits a low of $30 1/2 (a 15% correction).
4. May 13, 1998. DELL hits $50. It takes 39 sessions to break thru that high. DELL trades as low as $38 5/8 in that cycle (23% correction).
5. July 17, 1998. DELL hits $59 5/16. It backs down and 23 sessions later it makes a new intraday high. On the low, DELL hits $49 1/8 (17% correction).
6. August 27, 1998. DELL hits $64 15/16 as an intraday alltime high. 19 sessions later it breaks thru, getting as low as $46 7/8 (a 28% correction).
7. September 29, 1998. $70 1/8 new intraday high. 19 days later we still wait. The stock gets as low as $40 3/4, a 42% correction off the high.
What is the purpose of this post? In the past year, DELL has hit 7 all time intraday tops, each time taking on average 29.3 sessions to breakaway higher once it hits that top. And on average, the stock falls 24% after it makes the high.
Today was session 19 of this latest cycle. Lets see if we can break thru $70 1/8 in the next 10 sessions. I bet we can. |
