Naked Chart Trading: WDC 28 May 2024
I compare $Western Digital (WDC.US)$ to $Seagate Technology (STX.US)$, both HDD giants and potentially benefit from AI development theme.
The demand for large-capacity HDD products driven by the artificial intelligence market has caused overall HDD prices to surge. According to the latest updates, American memory giant Western Digital confirmed for the first time on April 8th that there is a supply shortage for both HDD and SSD. They issued formal customer letters notifying of ongoing price adjustments for NAND Flash and hard drive products.
Western Digital stated that the demand for both flash memory and hard drive products has exceeded expectations, leading to supply constraints. These challenges in the electronics industry’s supply chain further affect availability. This quarter, they will continue to adjust prices for flash memory and hard drive products, with some changes taking immediate effect.
$Western Digital (WDC.US)$ Weekly Chart
![Naked Chart Trading: WDC 28 May 2024](https://sgsnsimg.moomoo.com/sns_client_feed/104156408/20240528/84c5ed6e2941b4686898fecf2aa96cdd.jpg/big?area=104&is_public=true)
Western Digital is further from its historical high compare to Seagate, but both are testing Fibo 61.8% level. Long term wise, WDC is in a sideway to bullish trend with bottom breakout in forming. Strong resistance seen at USD107 and USD115.
Short term trend showed a strong bullish momentum since its bottom at Dec 2022, close above USD78 (61.8% Fibo and around May 2021 high) to trigger more upside. Support levels are 50% USD65, 38.2% USD57 and USD46.
As a conclusion, both WDC and STX look good from fundamental as well as technical, may trigger a stronger bull trend in long run with the momentum of AI development.
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Momentum Trader : Nice charts. Malaysia should benefit from it too!