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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/17/2001 1:29:54 PM
From: besttrader	of 37746

EMC (NASD:EMC) is trying to form a base. The first in a slew of overhead resistance points is the previous high and 38.2% retracement bracket around $47.09. By the time prices rise to test that level, the 200-day moving average should have fallen to make it triple resistance. If EMC can fight through that, it has $7 of upside until the 50% level and shorter-term downtrend come into play. The climb gets a little easier after that level is cleared, with only the 61.8% level, and longer-term downtrend left. If EMC falls, $37.50 should support prices.

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