Western Digital Corp. (NASDAQ:WDC) stock fell nearly 7% Tuesday as investors sold technology stocks amid a broader risk-off session. The Nasdaq dropped 1.74%, while the S&P 500 fell 0.65%.

Peers, including Seagate Technology Holdings PLC (NASDAQ:STX), Sandisk Corp. (NASDAQ:SNDK), Micron Technology Inc. (NASDAQ:MU) and SK hynix Inc. (NASDAQ:SKHY), also felt the pressure as the selloff spread across storage and memory chip stocks.

According to Benzinga Pro, the group traded lower in sympathy with SK hynix after the South Korean government denied a report that it was discussing a semiconductor project as the first investment under its $350 billion commitment to the U.S. Broader weakness also came amid a bond market selloff.

Western Digital’s Longer-Term Trend

Despite Tuesday’s selloff, Western Digital remains up sharply over the past 12 months. The stock has gained about 550% during that period.

Moreover, shares remain well above their 200-day simple moving average of $353.55. However, Western Digital trades about 10% below its 50-day SMA of $551.30 and slightly below its 20-day SMA of $498.75.

The stock’s relative strength index stands at 48.89, indicating neutral momentum.

Western Digital’s 20-day SMA also sits below its 50-day SMA, signaling near-term weakness. However, its 50-day SMA remains above the 200-day SMA, supporting the longer-term bullish trend.

Resistance sits near $576.50, while support is around $430.50.

Analyst Outlook

The stock carries a Buy consensus rating with an average price forecast of $649.79.

Citigroup maintained a Buy rating on Aug. 7 but lowered its price forecast to $740. TD Cowen maintained Buy and raised its forecast to $540 on Aug. 6. UBS maintained Neutral and lowered its forecast to $525 the same day.

WDC Price Action

Western Digital shares were down 6.80% at $499.55 at the time of publication Tuesday, according to Benzinga Pro.

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