October 20 Chart of the Day - Western Digital
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Western Digital Corp. (WDC) makers of digital storage devices plans to announce its first quarter fiscal year 2024 financial results before the market opens on Monday, October 30, 2023.
Today, Kioxia Holdings Corp. has approached Japan Investment Corp. about making a capital infusion to support its merger with Western Digital Corp. and strengthen the combined company’s financial base, according to people familiar with the matter.
What's more important to us is the price action technical analysis of their chart.
We can see on the monthly chart that during the past year price has been testing and respecting a 15 year old trend line.
For the past 18 months price has seemingly been attracted to that trend line, bouncing off of it numerous times but not able to fully break away from it, at least not yet.
Down on the weekly chart we can see that in more detail as well as levels of interest in both directions for traders and investors to formulate their plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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