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Uptrend Broken SupportArchive
- 4/5/2024 -
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Western Digital (WDC) Technical Analysis
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| Summary:
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| | It was a third consecutive positive week for the Western Digital (WDC). During the week, the WDC gained 4.87 points, or 7.14%, and closed at 73.11 on Friday, April 5, 2024. Weekly volume was 100% above average.
WDC is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See WDC long-term trend chart]
A long-term uptrend had started on December 22, 2022 at 29.73 and reached 74.86 on April 4, 2024. WDC gained -45.13 points, or -151.80%, in 67 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (34.95) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See WDC medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 35.62 and reached 74.86 on April 4, 2024. WDC gained -39.24 points, or -110.16%, in 23 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 60.75 and resistance is at 78.53. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See WDC weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.
 Short-term trend: [See WDC short-term trend chart]
A short-term uptrend had started on February 21, 2024 at 52.89 and reached 74.86 on April 4, 2024. WDC gained -21.97 points, or -41.54%, in 43 days. The price is now at the 7.97% retracement level.
 Daily Technical Indicators: [See WDC daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence.
The daily MACD line is above its signal line since March 22, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
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