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Possible Bullish Inside Day Candle Pattern Detected for Western Digital (NYSE:WDC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Western Digital (NYSE:WDC) based on the price action in the company's shares. Today's price range of $74.66 and $75.16 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Western Digital may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Western Digital share prices have been bracketed by a low of $34.99 and a high of $99.93 and are now at $74.89, 114% above that low price. The 200-day and 50-day moving averages have moved 1.26% lower and 0.83% lower over the past week, respectively.

There is potential upside of 26.2% for shares of Western Digital based on a current price of $74.89 and an average consensus analyst price target of $94.54. The stock should discover initial support at its 200-day moving average (MA) of $61.37 and subsequent support at its 50-day MA of $45.22.

Western Digital Corporation designs and manufactures hard drives for desktop computers and home entertainment applications.

SmarTrend recommended that subscribers consider buying shares of Western Digital on October 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $60.24. Since that recommendation, shares of Western Digital have risen 23.3%. We continue to monitor WDC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle western digital

Ticker(s): WDC