Western Digital Corp. (NASDAQ:WDC) stock rose more than 3% Friday, outperforming the broader market as the stock attempted to rebound from a recent pullback.
92%. The Nasdaq was little changed.
07%. According to Benzinga Pro, shares of memory and storage companies are trading higher after reports that SK hynix Inc.
is in talks with Intel Corp. S.
for the first time. Western Digital’s gains also come as the stock attempts to recover from a recent pullback.
Shares have traded below key short- and medium-term moving averages in recent weeks. Technical Analysis Western Digital’s longer-term trend remains constructive.
84. 59.
The 20-day SMA also remains below the 50-day SMA, signaling short-term weakness. Momentum remains cautious.
The MACD is below its signal line, while the histogram is negative. Resistance sits near $480, close to the 50-day SMA.
A sustained move above that level could signal improving momentum. Support is near $422.
79. Citigroup maintained a Buy rating and lowered its price forecast to $740 on Aug.
7. TD Cowen maintained Buy and raised its forecast to $540 on Aug.
6. UBS maintained Neutral and lowered its forecast to $525 the same day.
Benzinga Edge Rankings Western Digital scores strongly on Growth, Momentum and Quality in the Benzinga Edge scorecard. 06.
29. Top ETF Exposure Western Digital is held by several technology and storage-focused ETFs.
07% weighting in WDC. 29% weighting.
As a result, flows into or out of these ETFs can add to trading activity in Western Digital shares. 93 at the time of publication Friday, according to Benzinga Pro data.
