Western Digital Corp (WDC) is a leading data storage devices and solutions company. The stock has been steadily declining since early June. At that time, the shares traded as high as $78.19 a share. Since that pivot top, the stock has declined and is currently trading around $61.74 a share. Western Digital Corp (WDC) stock is now trading below the important 50 and 200-day moving averages. This obviously puts the stock in a weak technical position on the charts. The stock also has weak relative strength when compared to most other leading tech stocks.
The next major support level for Western Digital (WDC) stock will be around the $53.00 area. This key support area is where the stock broke out in late January 2021. Very often, stocks will be defended around their prior breakout levels. There is also an important retrace level right at this area and that should add strength to this particular support level. I will be looking to get long Western Digital Corp (WDC) stock around this major support level when tested.
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