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.
Note
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, $83Note
Price is holding up much better than I anticipated. I expect a bounce off the lower trendline, then a breakout.Note
Bounce off of lower trendline seemed pretty strong.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.