WDC closes higher for the 2nd day in a row
Western Digital Corporation (WDC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WDC finished the month -0.5% lower at 44.15 after gaining $2.16 (5.14%) today, significantly outperforming the Nasdaq 100 (1.96%). Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (WDC as at Jun 30, 2020):
Tuesday's trading range has been $1.49 (3.45%), that's below the last trading month's daily average range of $1.83. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WDC.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 43.09 for the first time since June 23rd. When this moving average was crossed above the last time on June 19th, WDC gained 1.62% on the following trading day.
Western Digital shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 45.54 where further buy stops might get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Western Digital. Out of 383 times, WDC closed higher 55.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.05% with an average market move of 0.56%.