Western Digital Stock Price Forecast: Down Nearly 5% After-Hours, Shares Could Fall Over Another 10%

TradingKey - As of the close on November 3 ET, Western Digital (WDC) gained 2.59% to close at $347.35, hitting an intraday high of $359.98. WDC previously fell 7.41% and 7.52% on October 30 and November 2, respectively, as its stock price pulled back rapidly from near $395 to around $338, indicating strong short-term bearish momentum in the market. Meanwhile, in the previous session's after-hours trading, WDC pulled back again to around $332, down nearly 5%, showing that downward momentum in the market persists.

WDC daily stock price chart, Source: TradingView

From WDC's daily chart, the stock price retested the bottom at $330 on November 2 without breaking below it, showing a slight enhancement in short-term bullish momentum that pushed the stock to rebound 2.59% on November 3. However, the overall stock price trend remains under pressure below five major moving averages—the 5-day, 10-day, 20-day, 60-day, and 144-day—indicating that the overall trend remains biased toward the downside.

Regarding technical indicators, the Relative Strength Index (RSI) is around 40.6, below the 50 centerline but not yet entering the oversold territory below 30. The MACD remains in negative territory, showing that market momentum is still dominated by bears.

Currently, as WDC's stock price fell again in after-hours trading on November 3, touching around $330, if the stock continues its after-hours trend at today's open and falls below $330, it will open up deeper downside room. The primary target for the decline will be testing the $300 mark below, and if this level is lost, the stock price may further decline toward the $240-$250 range.

Conversely, if the stock price remains firm above $330, the probability of a short-term upward rebound will increase significantly. For upside resistance, pay attention to the primary resistance level at $400-$425. If the stock can effectively break out and stand above $425, it will open up upside room toward $470 and may even further challenge the $500 mark.