Western Digital (WDC) - Get Report began the session on Tuesday with an upside gap that lifted the stock above last week's high. This news-inspired surge extended into the early going, and at midday, Western Digital stock was up nearly 5%.

Since then, the stock has been fading and is trading at the opening print at publication time.

For Western Digital bulls, this is clearly a warning sign of upside exhaustion.

Western Digital began its second leg of the post-election rally in late November after taking out heavy supply near the $61 area. The stock stalled for a bit as December began before receiving a big jolt on Dec. 7. The stock surged that day on news of a bump in guidance. By the close, shares were up more than 8% on extremely heavy volume, but further upside has been rather difficult to find. The stock moved sideways in a narrow consolidation pattern after the Dec. 7 rally and was setting up well for another breakout.

Tuesday morning's upside gap may have provided the spark needed, but the afternoon fade looks troublesome.

For patient Western Digital investors, a deeper pullback from Tuesday's spike high is looking very likely and with it, much lower-risk entry opportunities.

A drift back down to the $64.30 to $62 area would retest a very solid support zone. This key zone includes the November high as well as the Dec. 7 breakout gap near the upper band and the October high near the lower band. Until then, today's spike high may prove to be hard to eclipse.

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This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.