Today we'll analyze the Stock EMC for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 16.98$ (01/18/08) to 14.30$ (03/28/08) a 2.68$ move
2- The current bullish trend started from 14.30$ at 03/28/08 and is currently trading at 14.98$.
3- The stock current support level is at 14.93 which is the 23.60% fibonacci retracement of the last 2.68$ move.
4- The stock current resistance level is at 15.32 which is the 38.20% fibonacci retracement of the last 2.68$ move.
5- According to ADX, the trend is currently strong bearish, which is getting stronger.
Short term chart patterns :
6- The Stock was resisted by a resistance line, identified by two points: 16.98 and 19.55 that was broken up at 15.9 transforming into a supporting line.
Mid term chart patterns :
7- The Stock was resisted by a resistance line, identified by two points: 16.98 and 24.55 that was broken up at 16.72 transforming into a supporting line.
Long term chart patterns :
8- The Stock was supported by a support line, identified by two points: 12.99 and 9.83 that was broken down at 16.72 transforming into a resistance line.
Conclusion:
EMC was trading in a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .
Resistance Levels: 15.32, 15.64, 15.96, 16.98, 17.71, 17.96, 18.64.
Support Levels: 14.93, 14.82, 14.72, 14.64, 14.56, 14.30, 12.27,.
We Moved!!
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Monday, April 7, 2008
EMC Corporation (EMC) Technical Analysis
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Shadi
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