Western Digital Corporation Stock Forecast

Western Digital Corporation stock price down 1.25% on Wednesday
(Updated on Apr 17, 2024)

WDC Signals & Forecast

The Western Digital Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $71.79. On a fall, the stock will find some support from the long-term average at approximately $66.17. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -5.05%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Western Digital Corporation stock

On the downside, the stock finds support just below today's level from accumulated volume at $64.30 and $60.33. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Western Digital Corporation finds support just below today's level at $64.30. If this is broken, then the next support from accumulated volume will be at $60.33 and $58.23.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.28 between high and low, or 4.69%. For the last week, the stock has had daily average volatility of 3.54%.

Our recommended stop-loss: $67.03 (-4.48%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (WDC) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Western Digital Corporation to open at $71.10, and during the day (based on 14 day Average True Range), to move between $67.36 and $72.98, which gives a possible trading interval of +/-$2.81 (+/-4.00%) up or down from last closing price. If Western Digital Corporation takes out the full calculated possible swing range there will be an estimated 8.00% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $70.54 (0.53%) than the support at $64.30 (8.37%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Western Digital Corporation stock A Buy?

Western Digital Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.634 Hold/Accumulate Unchanged

Predicted Opening Price for Western Digital Corporation of Thursday, April 18, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.