Charts on Near Term Uotrends Message Board

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Strategies & Market Trends : Charts on Near Term Uotrends

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To: Sergio H who wrote (730)	7/2/2004 2:18:57 PM
From: Jibacoa	Read Replies (1) of 1404

Sergio, EMC from a TA standpoint still remains on the down-trend coming from its January 20 H at 15.80 (That trendline hasn't been broken.) The most recent mini-rally (from June 22 to June 25)was a dud since the intra-day H on June 25 (11.90) was below the June 8 intra-day H (11.96) The down-leg from the March 30 H at 13.96 to the May 21 L at 9.97 lasted for 34 trading days.<g> On May 25 EMC gave a "buy signal". It closed that day at 10.70 and that is where I see the nearest support. (There is much better support at 10.20 and I doubt it will re-test the May 21 L although things can change if the DOW and the NAZ experience further deterioration.<g>) (The NAZ so far seems to be holding the 2000 level in spite of the long weekend and the DOW is also holding above 10250) The latest action on EMC shows a one minute volume of 227,900 unchanged at 10.93 at 1.52PM (For the last 3 minutes it has been holding at 10.88 to 10.90 on low volume.) Will see if the stock can close above its L this morning at 10.80 I have a very small position on EMC at present, since I have been waiting for it to get off from the downtrend coming from its January H. The PSML data on EMC at present: 10.88 11.16 11.25 & 11.48 (All still on a downtrend pattern) bigcharts.marketwatch.com bigcharts.marketwatch.com RAGL Bernard

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