WDC trade ideas
Western Digital Bullish but don't chase it yet. Having already heard from fellow Memory Chip maker Micron estimates and sediment has improved regarding what Western Digital will report July 29th. On the day Micron reported WDC jumped 7% and has returned 45% in the last month. Upgrades prior to earnings are often seen as bullish and today's commentary from Factset analyst Karl Ackerman showed a distinct change in trend.
We have entered a long entry on the chart, but that is dependant on the indicators not been overbought and volume been substantial
BULLISH ANALYSTS COMMENTS MONDAY JULY 8TH
"The directional trend higher on better than feared results from MU received two additional catalysts: 1) a wider than expected NAND wafer impact at WDC and Toshiba's fab operations in Yokkaichi, Japan; and 2) the ability for US-based suppliers to sell to Huawei so long as products were deemed to not affect National Security," wrote Cowen's Karl Ackerman.
"These dynamics suggest WDC should remain a going concern and may no longer lose money in its NAND business through C2021, although the near-term cash flow impact of nearly $600MM is significant," Ackerman wrote. Western Digital is expected to lose $3.02 a share for its fiscal year 2019, according to FactSet.
COMPANY PROFILE
Western Digital Corp. engages in the manufacture, market, and sale of data storage devices and solutions. Its product portfolio includes hard disk drives, solid-state drives marketed under the HGST, WD and G-Technology brands. The company offers mobile drives for the notebook, PC, gaming markets, serial attached small computer system interface drives, peripheral component interconnect express SSDs, home video recorders, home network storage devices, portable, desktop and personal cloud storage. The company was founded by Alvin B. Phillips in 1970 and is headquartered in San Jose, CA.
WDC Exhaustion GapWDC ran speculatively out of a retest of its recent short-term bottom. A gap series formed with an exhaustion gap below resistance from the failed attempt to complete the bottom.
$WDC Western Digital breakout has failed, blame Intel.We have not given up hope on WDC even though the recent break above resistance soon reversed as the SMH tumbled due a very weak outlook by INTEL. Monday there is also earnings from NXP, while AMD reports Tuesday so maybe we will find that Intel's weak guidance is company specific, if so the rally will resume. WDC has lagged the sector since December still well below the $110 from march 2018.
WDC: Completing bottom formation ahead of earningsWDC is completing a bottom formation ahead of its earnings report due out later this month. The bottom has a shift of sentiment pattern seen in volume-based indicators. Candlesticks show pro traders are controlling the stock price as some smaller funds sell out as the bottom completes.
$WDC Still waiting on break form Western DigitalDespite a upgrade to buy today WDC has struggled for any traction in the market, still lagging behind its peers from the December lows. Earnings are approaching soon which will be pivotal for the stock and maybe indeed for the sector.
$WDC Western Digital has plenty of room to runWDC is somewhat of a laggard in comparison to others in the sector, it has run into a little resistance but further advances are ahead. Playing catch up provides new investors with a lovely profitable trade.
Crazy trade & Target is $75 $WDC . Crazy trade & Target is $75 $WDC .
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WDC LongPredicting price to drop slightly more to the targeted area, around $43 before rebounding, with the upper target being around $60. On the weekly, we met the same strong support of $35 in Dec 2018 as we did in 2016. We topped out just under $54 just as we did in the rebound from 2016. After topping in 2016, we pulled back to about $43 before soaring up to about $60. These two levels are acting as our lower and upper targets.
Western Digital. Time to buy?Long-term only. Will try to buy somewhere between $40-50 and hold until $100-110. I saw a good support @ 30's but didn't buy, was waiting for confirmation.
***good long candidate***NASDAQ:WDC Above 1, 2, and 3 day VWAPs. Looks like it will break out of the range. trigger: 49.19
WDC - Inverted Head & Shoulders (Bullish Reversal)?Waiting to Long the break above neckline at 49.20 for an intial H&S target of about $62 (which is also where 38% fib is).
Shall place initial stop loss just below the right shoulder ($47)
50% targetAt least goes back to the 50% mark, but first the $50 area?
There was some nice divergence down at the bottom.
