Wednesday, October 6, 2010
EMC Corp to Consolidate in the Near Future
Current Price: $20.08
Target Price: $18.40 and above
Periods: less than 1 months
Confident Level: 4 (1-5)
I believe EMC Corporation will move towards the support of the uptrend line of $18.40 before it resume its rally.
EMC Corporation has been moving up agressively since Aug 27 to Sept 24 -approximately 22 days of rally. It is about time for EMC to consolidate before it moves higher. EMC need to consolidate and move down to around $18.50 to flush down the weak player.
I am not into this stock at the moment as I have invested all my money in DryShips which I strongly believe will double or quadrapple in the next 12 months.
For those who like to buy EMC at least wait until it finishes it consolidation first before jumping in.