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Uptrend Broken SupportArchive
- 4/19/2024 -
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Western Digital (WDC) Technical Analysis
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| Summary:
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| | It was the negative week for the Western Digital (WDC). During the week, the WDC dropped -6.01 points, or -8.34%, and closed at 66.05 on Friday, April 19, 2024. Weekly volume was 14% above average.
 Long-term trend: [See WDC long-term trend chart]
A long-term uptrend had started on December 22, 2022 at 29.73 and reached 76.92 on April 8, 2024. WDC gained -47.19 points, or -158.73%, in 67 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (35.06) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 76.92 on April 8, 2024. WDC gained -41.30 points, or -115.95%, in 23 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 62.98 and resistance is at 82.20. 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 technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 link to access Lane's Stochastic 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 relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 76.92 on April 8, 2024. WDC gained -24.03 points, or -45.43%, in 47 days. The chart has formed a Broadening Ascending Wedge chart pattern.
 Daily Technical Indicators: [See WDC daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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