EMC Is Near Resistance
Published on Friday, 23 November 2012 09:32 Written by TradersHuddle Wire
New York, November 23rd (TradersHuddle.com) - Shares of EMC Corporation (NYSE:EMC) are trading very close to calculated resistance at $25.49. The stock ended the trading session at just $24.35, which is near levels that make it difficult to buy or start a position.
EMC Corporation (NYSE:EMC) provides enterprise storage systems, software, networks, and services. Its products store, retrieve, manage, protect, and share information from all major computing environments and mainframe platforms.
EMC's stock range is defined by its calculated support defined at $23.23 and by the resistance level at $25.49; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for EMC. However, as the stock pulls back towards $23.23 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $25.49 then traders will get an opportunity to enter the stock as it moves to a higher range.
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