|Technical View: Western Digital gives back prior day gains, analyst action (TheFlyOnTheWall)|
THE FLY 8:05 AM ET 10/5/2017
The shares were last down 1.6% to $83 in pre-market trading, giving back its prior day gains. At current price next support is at $81.10. Resistance is at the $84 area. Deutsche Bank downgraded the stock to Hold and slashed its price target from $105 to $80. A breakdown in price below the $80 level would confirm a major topping process was underway on a longer-term basis, which would be a technical negative for future price.
[The premarket bid-ask is current 82.95-82.99, with volume of 11,571. I am staying out for now, until this whole mess gets more clarity. MU seems like a better investment in this sector at the moment.]