EMC (EMC)  is offering investors a low-risk buying opportunity following its recent steep pullback.

EMC has quickly faded following its powerful two-week bull run off the late September lows. Three days into October, the stock had been easily moving past the previous month's high. A huge upside jolt came on Oct. 8 as big buying wave pushed EMC past a very heavy 200-day moving average. But two days later, with shares up over 25% in nine days, the stock completely ran out of momentum. The steep pullback that followed has dropped shares back down to a key support zone and a low-risk entry opportunity for patient bulls.

On Oct. 21, EMC was hit hard following its third-quarter earnings report. The stock lost over 6.25% on the disappointing news. This high-volume flush filled the Oct. 8 breakout gap with ease. EMC appeared headed lower after this breakdown, but further downside was limited as the stock settled in near gap support. The stock has been consolidating in a tight range for the last week and a half as volume has slowed to a trickle.

For patient investors, this sideways action should be viewed as a positive. If the current basing action continues to strengthen, EMC will have solid footing in place to mount a healthy rebound.

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At current levels, EMC is in a very low-risk buy zone. This zone runs from $26.10 to $25.55. The top band is marked by EMC's huge Oct. 8 breakout gap. The lower band is last week's low near $25.55. If EMC remains in this area while repairing the post-earnings damage, a solid near-term base would be building. A close below $25 would be a clear warning sign that shares will need a more significant bottom before recovering.

On the upside, EMC still has an overhead 200-day to deal with. A close back above the $26.50 level would be very encouraging for the bulls.

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Disclosure: This article is commentary by an independent contributor. At the time of publication, the author was long EMC.