'evening, Judy. EMC is in a good p&f pattern called a Bullish Shakeout formation. The buy signal is the first three box reversal from the low. At $53 on it's p&f chart, from here, the buy signal would be $56. As might be inferred from the patterns name, the stock has given a sell signal at $59 and is in the process of "shaking out" traders and short term players who have a short term horizon. EMC is trading above it's BSL (it's long term support Line), that was drawn in after the stock resumed it's uptrend after reversing up after bottoming at $44. This is important support. The market backdrop, according to the main p&f indicators, is in a bullish mode this time around, and always remember, EMC has very bullish relative strength. When the market does turn up, history has shown
that EMC will lead to the upside.
I'm getting tired now, however, tomorrow morning I'll take a look at PFE's chart and post my thoughts.
Your pal,
Bruce
PS- Anything jump out at you in today's action?
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