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EMC Corporation - EMC - Long-term Support
Casey Murphy - April 10, 2008


EMC Corporation - EMC

April 9, 2008

Last Trade

$14.72

Volume

23,164,294

52-Week High

$25.47

52-Week Low

$13.96

Commentary:
Today we've chosen to take a look at EMC Corporation (NYSE:EMC) because it is testing the support of a long-term support level. As you can see from the chart below, the $14.50 level has prevented a move higher on several occasions since 2003 and it will be interesting to see if this level of resistance will be able to reverse its role and become a level of support.

We've also noticed that the next major level of support is near $9.50 (shown by the dotted line). The substantial distance between the support levels is important for the bulls to be aware of because a move below $14 will signal a long-term descent toward the dotted support line. Over the next few weeks, we expect that bullish traders will watch for a bounce off the nearby trendline and will close their positions by placing a stop-loss order below $14.

 

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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