Sandisk Corporation (NASDAQ:SNDK) stock fell more than 2% in Wednesday's premarket session as investors took profits following a strong multi-month rally.
The decline came even as the broader market pointed higher, with Nasdaq futures rising 0.48% and S&P 500 futures gaining 0.17%.
Technical Analysis Sandisk remains in a consolidation phase after reaching a swing high in June.
The stock is trading below its 20-day simple moving average of $1,960.85 but remains above its 50-day simple moving average of $1,713.67.
That suggests short-term momentum has weakened, although the intermediate-term uptrend remains intact.
