WDC breaking out
News today about Toshiba preferring a bid from Western Digital over its competitors drove this stock up over 4% midday (from -2.5% to up 1.8%) in a matter of minutes. This price action was sustained throughout the day and the daily candle was able to keep above resistance. This heavy volume, in combination with the downward trend being broken, on the price and RSI, & a cross on the MacD could be the start of a large move upwards.
Nota
News just two hours after I posted this that Toshiba ended up going with Bain's bid on their chip business. WDC will likely see the bottom of this triangle again before moving up. Next stop, $83Nota
Price is holding up much better than I anticipated. I expect a bounce off the lower trendline, then a breakout.Nota
Bounce off of lower trendline seemed pretty strong.
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