Western Digital stock saw a positive improvement to its Relative Strength (RS) Rating on Tuesday, rising from 76 to 89. The Data storage firm announced that it's planning to split the company's HDD (Hard Disk Drive) and Flash businesses. This corporate strategic move is aimed at establishing two independent, each with a specific focus on its respective market.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating identifies market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the trailing 52 weeks matches up against that of all other stocks.
Decades of market research reveals that the stocks that go on to make the biggest gains typically have an RS Rating north of 80 as they launch their biggest climbs.
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Is Western Digital Stock A Buy?
Now is not an ideal time to invest during a market correction, see if Western Digital stock is able to establish and enter a buy zone in heavy volume when the market trend turns up.
The data storage company showed 0% earnings growth in the latest quarterly report. Sales increased -26%.
Western Digital stock holds the No. 5 rank among its peers in the Computer Software-Storage industry group. NetApp and Seagate Technology are also among the group's highest-rated stocks.
