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Western Digital Looks to Continue to Trade Below its Annual-Low Share Price Today

By David Diaz

Shares of Western Digital (NYSE:WDC) traded today at $37.54, breaking its 52-week low. This new low was reached on below average trading volume as 970,000 shares traded hands, while the average 30-day volume is approximately 6.6 million shares.

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

Over the past year, Western Digitalhas traded in a range of $37.54 to $99.93 and are now at $37.79. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 0.8%.

There is potential upside of 153.4% for shares of Western Digital based on a current price of $37.79 and an average consensus analyst price target of $95.77. The stock should run into initial resistance at its 50-day moving average (MA) of $45.22 and subsequent resistance at its 200-day MA of $61.37.

SmarTrend recommended that its subscribers protect gains by selling shares of Western Digital on April 5th, 2016 by issuing a Downtrend alert when the shares were trading at $44.86. Since that call, shares of Western Digital have fallen 15.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows western digital

Ticker(s): WDC