WESTERN DIGITAL CORP (NASDAQ:WDC) Reveals Intriguing Technical Aspects. Here's What You Need to Know.

WESTERN DIGITAL CORP (NASDAQ:WDC) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:WDC.

Analyzing the Technical Aspects

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, WDC scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, WDC has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that WDC is one of the better performing stocks in the market, outperforming 92% of all stocks. We also observe that the gains produced by WDC over the past year are nicely spread over this period.
• WDC is one of the better performing stocks in the Technology Hardware, Storage & Peripherals industry, it outperforms 85% of 35 stocks in the same industry.
• WDC is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so WDC is leading the market.
• In the last month WDC has a been trading in the 43.08 - 47.14 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of WDC

Why is NASDAQ:WDC a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:WDC is 9:

Besides having an excellent technical rating, WDC also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 46.41. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 45.96, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NASDAQ:WDC be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NASDAQ:WDC and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.