Western Digital (WDC) has been a stellar performer for years. During the recent pullback on high momentum stocks, Western Digital was painted with the same brush and suffered a big pullback to the bottom of a consolidation area built over the last 5 months. Yesterday, the volume spiked up to 4 Million shares and accelerated out of the consolidation range.
With everything in gear to go higher, it looks like Western will retest the highs of $95 shortly.
A good breakout here, looks very powerful based on the resumption of the long term trend.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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