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Friday, February 21, 2014

WDC 2/21

Lets take another look at the daily chart of WDC.

The green arrow marks the day I mentioned this stock here.  As you can see it has rallied off the 50 DMA.  It has now made it back to the .786 retrace level.  This is the last area of resistance between here and the high.  I don't really like this price pattern much.  It may stop in this area.  In addition STX is not doing well.  It is in the same business so if you are long WDC watch closely.  If it gets through the red line odds favor a test of the high.  At this point I don't believe it will get much further up then that.  This looks like a top forming to me.


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