EMC Drives Higher
EMC Corporation (EMC) is extending its powerful March move today. This 2.5% gain is putting some distance on a heavy 200-day moving average. Yesterday's bullish action, aided by news out of the VMware (VMW)/EMC investors forum, attracted heavy volume, allowing shares to challenge the 200-day for the first time in five months. The stock backed off late in the day and closed below the February highs. That spike-high-type action has certainly been erased with today's impressive follow-through.
EMC's big March rally began with a re-test of major support near $22.80. This level contained last year's June/July double bottom. As the stock lifted off on March 1, another monthly double bottom was in place. The stock has been in a steady up trend since then and is now over 12% higher in the last two weeks. Yesterday EMC moved past its February peak and is now just shy of the 2013 highs of $25.75....106 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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