Western Digital (WDC) shares have been steadily climbing back up the rankings in the SIA NASDAQ 100 Index Report since September. Having gained 3 spots yesterday and 43 spots in the last month, the shares have moved up out of the red zone into the Yellow Neutral Zone. WDC is currently 9 spots away from the green zone where it has not been since March.
A major breakout is underway in Western Digital (WDC) shares which recently completed a bullish Ascending Triangle base which has been forming since March with a breakout over $50.00.
Next potential upside resistance appears in the $65.00 to $73.00 zone where multiple measured moves and the 52-week high cluster. Initial support moves up to the $50.00 breakout point from $45.00.
Western Digital (WDC) shares struggled through the summer but since bottoming out in August, accumulation has resumed and even accelerated in recent weeks. A trend of increasingly higher bullish Double Top breakouts has evolved into a pole which has snapped a downtrend line, completed a bullish Spready Triple Top breakout and regained the $50.00 level lately.
Initial upside resistance appears near previous column highs and lows in the $54.75 to $55.85 range, then $62.90 and $65.42 where a horizontal count and previous low converge. Initial support appears near $46.65, where a recent breakout point converges with a 3-box reversal.
With a perfect SMAX score of 10, WDC.TO is exhibiting near-term strength across the asset classes.
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