Western Digital Corp. (NASDAQ:WDC) stock rose more than 3% in Tuesday’s premarket trading as risk appetite remained firm. Nasdaq futures gained 0.86%, while S&P 500 futures rose 0.42%.
Western Digital shares are trying to stabilize after a pullback pushed the stock below several short- and medium-term trend lines.
The broader market’s strength is supporting Tuesday’s rebound. However, the stock must reclaim key moving averages to signal a more durable recovery.
Technical Analysis
At $449.20, Western Digital traded 7.3% below its 20-day simple moving average of $483.44. It also traded 18% below its 50-day SMA of $546.55.
