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The question on everyone's mind: Will WESTERN DIGITAL CORP breakout?

By Mill Chart

Last update: Nov 16, 2023

Our stock screener has detected a potential breakout setup on WESTERN DIGITAL CORP (NASDAQ:WDC). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:WDC.

WDC Daily chart on 2023-11-16

Deciphering the Technical Picture of NASDAQ:WDC

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, WDC scores 8 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, WDC is showing a nice and steady performance.

  • 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 90% of all stocks.
  • WDC is one of the better performing stocks in the Technology Hardware, Storage & Peripherals industry, it outperforms 75% of 34 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 35.62 - 46.48 range, which is quite wide. It is currently trading near the high of this range.
  • Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

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

How does the Setup look for NASDAQ:WDC

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 8:

Besides having an excellent technical rating, WDC also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 46.02, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for WDC in the last couple of days, which is a good sign.

How can NASDAQ:WDC be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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WESTERN DIGITAL CORP

NASDAQ:WDC (2/23/2024, 7:19:38 PM)

After market: 56.22 +0.16 (+0.29%)

56.06

+0.36 (+0.65%)

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