Western Digital Corp (NASDAQ:WDC) stock climbed on Thursday, reaching a new all-time high near $436. This rally comes just hours before the company reports its third-quarter results.

The Nasdaq is up 0.07% while the S&P 500 has gained 0.41%.

Seagate Results Fuel Momentum

The surge follows blowout earnings from peer Seagate Technology Holdings PLC (NASDAQ:STX). Seagate reported revenue of $3.11 billion, up 44.1% year-over-year.

Earnings Expectations And Buyback Program

Western Digital will release its results after the closing bell on Thursday. According to Benzinga Pro, consensus estimates project earnings of $2.39 per share. This marks a significant jump from $1.36 per share in the year-ago period.

The company recently strengthened its capital position. On Feb. 3, Western Digital authorized an additional $4 billion in share repurchases.

Critical Levels To Watch for WDC Stock

Western Digital is trading just below its 52-week high of $441.99. The stock is trading 20.7% above its 20-day simple moving average (SMA) and 64.3% above its 100-day SMA.

The relative strength index (RSI), a momentum gauge, is 73.74.

The longer-term structure also stays bullish: the 50-day SMA remains above the 200-day SMA (a golden cross that occurred in July), which is consistent with a durable uptrend. Over the last 12 months, the stock is up 890.13%.

  • Key Resistance: $442
  • Key Support: $360

WDC Stock Price Activity: Western Digital shares were up 5.46% at $426.52 at the time of publication on Thursday, according to Benzinga Pro data.

Photo: T. Schneider / Shutterstock