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October 07, 2024, 23:06 pm ET, BY Thomas Y.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy WDC near 64.96 with an upside target of 74.97. This data also tells us to set a stop loss @ 64.77 to protect against excessive loss in case the stock begins to move against the trade. 64.96 is the first level of support below 66.44 , and by rule, any test of support is a buy signal. In this case, support 64.96 would be being tested, so a buy signal would exist.
The technical summary data is suggesting a short of WDC as it gets near 74.97 with a downside target of 64.96. We should have a stop loss in place at 75.19though. 74.97 is the first level of resistance above 66.44, and by rule, any test of resistance is a short signal. In this case, if resistance 74.97 is being tested, so a short signal would exist.
If 68.83 begins to break higher, the technical summary data tells us to buy WDC just slightly over 68.83, with an upside target of 74.97. The data also tells us to set a stop loss @ 68.63 in case the stock turns against the trade. 68.83 is the first level of resistance above 66.44, and by rule, any break above resistance is a buy signal. In this case, 68.83, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of WDC if it tests 68.83 with a downside target of 65.67. We should have a stop loss in place at 69.03 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 68.83, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 66.67 begins to break higher, the technical summary data tells us to buy WDC just slightly over 66.67, with an upside target of 68.83. The data also tells us to set a stop loss @ 66.51 in case the stock turns against the trade. 66.67 is the first level of resistance above 66.44, and by rule, any break above resistance is a buy signal. In this case, 66.67, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of WDC if it tests 66.67 with a downside target of 65.76. We should have a stop loss in place at 66.83 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 66.67, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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Trading Western Digital Corporation (NYSE: WDC) can be efficient and rewarding, especially in volatile markets, so long as the important pivot points for the stock are observed before making decisions to buy, sell, or short.