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.
Greg Schnell, CMT
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he 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 Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.