Sunday, February 24, 2008

EMC Analysis for 02.24.2008

EMC CORP. - EMC

Monthly chart shows a 3 wave abc pattern into the current high of $$25.55. There has been nothing but selling the past 4 months. Key LIS of $15.80 did not hold as support - "old resistance becomes new support". Price needs to stay above this level for bulls to gain any traction to the upside. No buy signal/pattern evident on this timeframe.

Weekly chart shows price below all key moving averages. Last week's price action continues to show weakness to the downside. No buy signal/pattern evident on this timeframe.

Daily chart shows price below all key moving averages. No buy signal/pattern evident on this timeframe. Look for continued weakness.

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