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