WDC closes below its opening price unable to hold early session gains
Western Digital Corporation (WDC) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
WDC finished the week -1.27% lower at 56.96 after losing $0.14 (-0.25%) today. Trading $0.60 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (WDC as at Sep 14, 2018):
Friday's trading range was $1.78 (3.1%), that's slightly above last trading month's daily average range of $1.51. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 56.17 during the day, Western Digital bounced off the key support level at 56.61. The failure to close below the support might increase that levels importance as support going forward. The stock ran into sellers again today around 57.95 for the third trading day in a row after having found sellers at 57.72 in the previous session and at 57.67 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.