EMC Corp. (EMC) has hit a high of 20.52 today, which represents a complete retracement of the plunge in prices last Wednesday and Thursday in sympathy with disappointing results from the cloud computing sector.

From a technical perspective, the ability of EMC to hold above 20.50 increases the likelihood that the current upleg from 19.39 will climb towards my next optimal near-term target zone of 21.00/15.

Only a break below 20.10 will weaken the outlook, while a violation of 19.80 will invalidate it altogether.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.