Western Digital Bearish Signs

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Western Digital Bearish Signs

Published on Wednesday, 01 February 2012 04:42 Written by Christian Paolinetti

wdc New York, February 1st (TradersHuddle.com) - Shares of Western Digital Corporation (NYSE:WDC) ended the trading session lower by $0.52 or -1.41% from its previous close. Western Digital's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Western Digital Corporation (NYSE:WDC) designs and manufactures hard drives for desktop computers and home entertainment applications.

Western Digital's current stock range is defined by calculated support defined at $30.49 and by the resistance level at $37.85, which should be used by traders planning their trades.

Traders wanting to establish a position in Western Digital stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Western Digital shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: