Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Western Digital

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

Good morning, everyone. While it seems the world is focused on megacaps like AMZN and INTC, I wanted to share a tech short (one among the 70 positions I have) which few people notice: Western Digital. Here’s the long-term chart:

Liquidity moves markets!

Follow the money. Find the profits! 

As you can see, WDC has a knack for creating clean topping patterns and then falling hard. I find this particular sort intriguing due to the major trendline break. Looking closer, you can see that, following this clean trendline failure, WDC spent months crawling back to its now-broken trendline. My view is that we fall from here.

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Try Lee Adler's Technical Trader risk free for 90 days! Follow the money. Find the profits!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.