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

By James Quinn

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 $43.65 and $44.77 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.

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

Western Digital has overhead space with shares priced $44.25, or 53.8% below the average consensus analyst price target of $95.77. The stock should find initial resistance at its 50-day moving average (MA) of $45.22 and further resistance at its 200-day MA of $61.37.

Western Digital share prices have moved between a 52-week high of $99.93 and a 52-week low of $34.99 and are now trading 26% above that low price at $44.25 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 1.3%.

SmarTrend is tracking the current trend status for Western Digital and will alert subscribers who have WDC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle western digital

Ticker(s): WDC