Western Digital Corp. (NASDAQ:WDC) stock rose about 3% in Monday’s premarket trading as investors returned to higher-risk technology stocks. Nasdaq futures climbed 1.43%, while S&P 500 futures gained 0.89%. Western Digital’s gains appeared to track the broader market rally rather than company-specific news. The stock is rebounding after pulling back from its June high as investors rotate back into technology shares ahead of the opening bell.Technical AnalysisWestern Digital remains in a long-term uptrend. The stock trades 18.7% above its 100-day simple moving average and 66.3% above its 200-day simple moving average.However, short-term momentum remains softer. The stock sits 3.3% below its 20-day simple moving average and 4.1% below its 50-day simple moving average.The relative strength index stands at 45.41, indicating neutral momentum. The reading suggests selling pressure has eased, but buyers have not yet regained full control.The 20-day simple moving average remains below the 50-day average, reflecting a short-term bearish trend. Even so, the 50-day average remains above the 200-day average, keeping the longer-term outlook positive.A move above $602.50 could strengthen bullish momentum. On the downside, $510.50 remains an important support level where buyers have previously stepped in.Earnings OutlookWestern Digital is scheduled to report quarterly results on Aug. 5.Wall Street expects earnings of $3.27 per share, up from $1.66 a year earlier. Revenue is projected to increase to $3.69 billion from $2.60 billion.The stock trades at 31.1 times earnings and carries a consensus Buy rating with an average analyst price forecast of $577.63. Recent analyst actions include: