The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

Archive
- 7/12/2024 -
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Western Digital (WDC) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is overboughtWeekly  MACD line has moved below its signal lineBroken trend resistance line
Daily :Daily  MACD line has moved above its signal linePrice is near the Fibonacci 23.6% retracement level
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It was a third consecutive positive week for the Western Digital (WDC). During the week, the WDC gained 1.60 points, or 2.07%, and closed at 78.77 on Friday, July 12, 2024. Weekly volume was -29% below 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 81.55 on June 18, 2024. WDC gained -51.82 points, or -174.30%, in 77 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (35.70) 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 81.55 on June 18, 2024. WDC gained -45.93 points, or -128.94%, in 33 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 76.49 and resistance is at 99.23. 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 Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 Williams' Percentage Range help.

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. 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 June 27, 2024 at 73.81 and reached 80.38 on July 10, 2024. WDC gained -6.57 points, or -8.90%, in 13 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See WDC daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.05
Williams' Percentage Range (W%R) 51.80
Lane's Stochastic (%D-Slow) 78.96
Greed/Fear Indicator (GFI) 62.40
Moving Average Converg./Diverg. (MACD) 0.84
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.92
Williams' Percentage Range (W%R) 14.00
Overbought
Lane's Stochastic (%D-Slow) 77.26
Greed/Fear Indicator (GFI) 72.87
Moving Average Converg./Diverg. (MACD) 6.48
Trading Signals
Description Value Chart
Upper Bollinger Band 80.50
Daily Stochastic Crossing 79.23
Weekly Stochastic Crossing 78.91
Price 78.77
20 Day Moving Average 77.66
Weekly Trendline Support 76.49
Parabolic System 76.17
50 Day Moving Average 75.47
Lower Bollinger Band 74.35
Sector and Industry
Description Name Rank
Sector Information Technology 7
Industry Technology Hardware, Storage & Peripherals 102
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 73.81
Low Date 06/27/2024
High 80.38
High Date 07/10/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 99.23
Support 76.49
Low 35.62
Low Date 10/26/2023
High 81.55
High Date 06/18/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 31.97
Low Date 04/25/2023
High 81.55
High Date 06/18/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 49.30
Support 35.70
Low 29.73
Low Date 12/22/2022
High 81.55
High Date 06/18/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 114.69
High Date 12/19/2014
Low 27.40
Low Date 03/19/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.