Toshiba Crushes Storage Stocks: Where Western Digital And Seagate Bounce

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[music]
Good afternoon everyone. Happy Friday
and welcome to my ProCharts video market
movers edition. My name is Jake Sweeney,
protrader here over at Verify Investing.
And yes, wrapping the week up so far.
Uh, I got the highf flyers of today that
I'll be covering and then finishing off
with some honorable mentions. Um, but
let's just dive into the charts, guys.
First up is WDC and Seagate seeing two
huge sell-offs today as out of Japan
Toshiba said they can double their
production of their hard drives giving
uh shareholders of WDC and Seagate under
a lot of pressure on let's go into the
charts and just see how much far uh they
fell today. All right guys, let's get
into it. Looking today, guys, so right
here we're seeing a a technical pseudo
wedge pattern here. So, usually these
break one way or the other, but it's
usually on a technical basis, not out of
news. But with that, we closed yesterday
about 463.
And since then, we sold off all the way
down to 39657,
a 14% move to the downside verse
recovering currently down about 10% um
with market close coming here shortly.
I'm curious to see if we can close above
this key support level right here. as we
see a lot of wicks into this level and
price right now just kind of sitting on
this level trying to close above it. So
where did we get support at? Well, once
we pierce that $400 level, there was for
for sure support there, the
psychological level, but we didn't even
trend lower where there's this large gap
fill here in the charts at $390.99.
Buyers stepped in beforehand at these
cheap prices and pushed it back up. So
now where are we going to have
resistance on WDC? Well, first we want
to try and close above this as I said
and now breaking below it just a little
bit. Um but now we have to get above
this ascending trend line that we broke
below. And then we have this descending
trend line uh that was has been capping
price since July 31st, 2026. Now we're
going to have to compete with both of
these trend lines to continue on higher.
Um, next, as you see, if we can get past
that, there's this nice gap fill here in
the charts at 47369.
If we can get past this resistance
level, I will be sitting here at the 475
473 level for a nice short at that gap
fill. All right, looking at Seagate as
well. Yeah, WDC was red and Seagate is
although looking like it has a nice day,
it's down 10% still. So from here
yesterday we kind of had this bullish
consolidation but this is more ups
sloping rather than a downs sloping or
flat bull flag. So um didn't give much
weight to that. Anyways we gapped down
from this all the way about 16% to the
downside piercing $800.
And just so you guys know in the Apex
Live day trading room this is our
finesse. This is our skill right here.
One of our traders was sitting there
long with an open order at 800 on a
pierce of that level and since then as
we can see uh price was able to push
back up. We a were able to profit off
that trade. So if you're looking if you
like to that style of trading come check
us out at the Apex Live Day Trading
Room. Every single day we're trading
stocks and ETFs.
Back to the charts though. Now that
we're going to have to uh let's focus on
support first. So, we could credit this
trend line right here from this January
29th, 2026 trend line cutting through
price action right here. We see we
bounced off it here, bounced off it in
September and today cleanly another nice
bounce. also filling the gap here at 801
and then and then if we were to trend
lower there's the shelf here at 76697
where was my next kind of line defense
for Seagate should it get there uh to
the upside we will have to push past
this 86265
level that we will have to reclaim first
and then we have to contend with this
downs sloping trend line that we see was
halting price earlier this week um this
test would be about 9:15 15 to 912 on
Seagate. All right, looking at AOI
and yes, it is on breakout watch just on
Wednesday. Since then, we are now up 16%
on applied opio electronics. So, with
that near-term, I'm watching this gap
fill here in the charts at 124.82. That
could be a quick day scalp come Monday
on a swing basis. We're going to let
Well, one, we got a We got to see if AOI
can break out of this. We have two sharp
moves, but our last test of this trend
line wasn't till August. So, until
proven otherwise, this trend line still
holds the res. Should we push higher,
there's this other gap fill here at
154.89.
And then this is where I'm swinging
short at is there's this pivot top
resistance here, 17341.
See a lot of price action on this area.
And then if we were to shoot up into
this trend line right here
as we flip polarity from support to
resistance right here rejecting price
rejection rejection now up in this zone
about a $5 zone would be this trend line
test also with this pivot top. That is
where I'm shorting a AOI.
Well, first we got to break out
um NBIS next. I think this one's going
to continue on higher rather soon.
Definitely bullish on Nibius. So, a lot
of wicks into this area showing
um showing sellers are still defending
this 250 area pretty strong, piercing it
yesterday, but getting shut down, not
having enough strength today. But what
I'm watching is this trend line here
slowly steady since July. all the way
pushed up here. We've been making these
lower or uh higher lows and not even
piercing this trend line to the downside
and now consolidating.
After making these higher lows, this 250
is prone and should be weak for a break
to the upside. Okay. Now, do we do break
that? Where's the next resistance? This
26447
level, this will be the next main
resistance for Nibius. And X marks the
spot. That is right. Right here we have
this down sloping trend line. This only
has two hits, two clean hits. This is
still kind of an early trend line, but
on a third test
um on a third test of
this trend line
right here exit the mark spot at 265
lining up with this pivot top. That's
where I'm short NBIS.
Okay, now this one is a confirmed
breakout. Lamb Research as we see we're
pushing up out of this down slipping
trend line that we've been capping price
and then we confirmed we got that daily
confirmation and now we're continuing on
higher slowly grinding. I can see today
we're trying to kind of now find
near-term support at this 345 level now
wicking into it and now printing a nice
dogee candle going into Friday's close.
Should we continue on higher? There's
this pivot shelf here at 39307 and then
the 786 from this 43850 high to this 250
low. The 786 here in this $5 zone on
Lamb Research. This would be a good
short level here. Um, or you could wait,
be more conservative and wait for a gap
fill here up up at 434 or double top
after a nice deep healthy pullback,
especially on a sharp move favors a
pullback to the downside.
All right, looking at AVGO, this is one,
this is one for the contrarians and the
momentum traders. This is how I would
play this short and long. Well, one, as
a trader, I need volatility. And with
the volatility that we're getting in
AVGO earlier this year, I'm just not
seeing it as much uh later this year.
So, it hasn't been on my watch list as
much. But when it does, I have this two
factor setup to the down or to the
upside. Should we push to 380? There's
this large gap fill here at the charts.
This 236 Fibonacci and this downs
sloping trend line all kind of
converging in this 375 to 380 area. That
is where I'm going to short AVGO on a
sharp move. Okay, I would play it long
too, but we have to come down. Uh if we
come down to this 335 gap fill here in
the charts and then this swing low here
at 33142,
that is where I would go long on AVGL.
But right now, just sitting kind of
slowly grinding. Um yeah, not attracted
to me.
All right, guys. And to finish today's
session, a honorable mention for
Lululemon,
uh, breaking lower today at new 52- week
lows, uh, coming in at 9341. And now,
this is kind of speculative, but this is
right after Nike's earnings. And just
with that, I think it's the consumer is
just getting beat up uh, when it comes
to the markets and their pockets. And I
think we might be trending lower for
Lululemon.
Um, I, you know, I I like the apparel.
You know, it's it's great and all. I
think they got a good brand, but I I'll
take cheaper prices. So, if we get
there, there's this gap fill here. Uh,
so this is on the weekly, but on the
daily, there is a gap fill on the daily
at 8964.
Should we trend lower? And then we have
this nice uh support consolidation shelf
showing a lot of rejection on this area
till we capitulated above it. Should we
come back down? Major major support here
at 8109.
All right, guys. Thank you guys so much
for joining me on today's episode going
into market close. I hope you guys had a
great week of trading. And stay tuned
for Monday, October 5th at 1 p.m. My new
show, The Options Conversion Secret from
Chart to Chain is launching Monday at 1
p.m. every single day with my co-host
and uh junior trader Tabby. Come see us
and check us out. get introduced to the
options world. Whether you're a beginner
or an intermediate trader, I will hope
to bring plenty of value for you. All
right, guys. Thanks again so much and
have a great day. Take care.