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ThecoinrepublicStockVmware Inc. Stock (NYSE: VMW) Showed a...
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Vmware Inc. Stock (NYSE: VMW) Showed a Massive Gap Up, What Next?

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Vmware Inc. stock showed a gap-up move and escaped above the resistance of $160, showing buyers’ momentum and positive sentiments on the charts. Moreover, the price action favoring the bulls & gaining traction based on the news float regarding the acquisition led to the gap in yesterday’s session. Furthermore, the chart shows a rising parallel channel and price ascending beyond the sellers’ vision. 

The chart shows that VMW stock escaped the neckline but could not extend the intraday gains and made a doji candlestick, showing rejection happening near the distribution zone. However, bulls hold the intraday gains and close above $165.

The stock has an upper trajectory of $170, which, if surpassed, leads to a massive rally. On the other hand, below $155, again, sellers start to push down the price. As per the technicals, analysts maintained a neutral rating on the stock.

VMware, Inc. engages in the provision of cloud infrastructure and business mobility. Its products include Software-Defined Data Center, Hybrid Cloud Computing, and End-User Computing. It supports modernizing data centers, integrating public clouds, empowering digital workspaces, and transforming security. 

The company was founded by Diane Greene, Mendel Rosenblum, Scott Devine, Edward Wang, and Edouard Bugnion in 1998 and is headquartered in Palo Alto, CA.

VMW stock traded at $166.69 at press time with an intraday gain of 5.18%, showing a gap-up bull move in yesterday’s session. Moreover, the trading volume gained massively by 4.67% to 4.697 Million. The market cap is $71.736 Billion.

Daily Charts Show Rally Beyond Limits

Vmware Inc. Stock (NYSE: VMW) Showed a Massive Gap Up, What Next?
Source: VMW Stock Price Chart at TradingView

On the daily charts, VMW stock price maintained a strong uptrend and rewarded investors from the past months. The stock surged by more than 50% in the last three months, showing investors’ massive long additions. Furthermore, the Fib extension indicator shows VMW stock heading toward $200 for the upcoming months. However, the prompt hurdle is near $170, followed by $175.

VMW stock traded near the upper bollinger band and above the key moving averages and stayed on the top guarding the gains.

Short Term Charts Shows Buyers’ Strength 

Vmware Inc. Stock (NYSE: VMW) Showed a Massive Gap Up, What Next?
Source: VMW Stock Price Chart at TradingView

On the 4-hour charts, VMW stock broke out of the channel highs and traded above the trajectory swing of $160, which shows short sellers were trapped and led the massive rally. Moreover, the price entered the overbought zone, where sellers cannot hold the buying projection in the stock.

The RSI curve sharply rose above the overbought zone near 70, forming a positive crossover which indicates the buyers’ dominance on the charts.

The MACD indicator showed a bullish crossover, indicating a positive outlook for the following sessions.

Conclusion

Vmware stock price is riding the gains beyond the vision and persists in acquiring gains. Furthermore, the leading indicators suggest a further rise in the upcoming months.

Technical Levels:

Support Levels: $150

Resistance Levels:$175

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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