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NASDAQ:STX Shows Potential for a Breakout.

By Mill Chart

Last update: Nov 7, 2023

Our stock screener has identified SEAGATE TECHNOLOGY HOLDINGS (NASDAQ:STX) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:STX.

STX Daily chart on 2023-11-07

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall STX gets a technical rating of 9 out of 10. Both in the recent history as in the last year, STX has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that STX is one of the better performing stocks in the market, outperforming 91% of all stocks.
  • STX is one of the better performing stocks in the Technology Hardware, Storage & Peripherals industry, it outperforms 78% of 34 stocks in the same industry.
  • STX is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so STX is performing more or less in line with the market.
  • In the last month STX has a been trading in the 64.12 - 73.81 range, which is quite wide. It is currently trading near the high of this range.

For an up to date full technical analysis you can check the technical report of STX

How does the Setup look for NASDAQ:STX

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:STX this score is currently 8:

Besides having an excellent technical rating, STX also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 71.51. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 69.24, a Stop Loss order could be placed below this zone.

Trading setups like NASDAQ:STX

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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SEAGATE TECHNOLOGY HOLDINGS

NASDAQ:STX (2/22/2024, 2:16:53 PM)

87.87

+2.97 (+3.5%)

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