Will SEAGATE TECHNOLOGY HOLDINGS Break Out? A Technical Analysis Perspective.

SEAGATE TECHNOLOGY HOLDINGS (NASDAQ:STX) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:STX.

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, STX scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, STX is showing a nice and steady performance.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• Looking at the yearly performance, STX did better than 89% of all other stocks. On top of that, STX also shows a nice and consistent pattern of rising prices.
• STX is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so STX is lagging the market slightly.
• STX is part of the Technology Hardware, Storage & Peripherals industry. There are 32 other stocks in this industry, STX did better than 64% of them.

Our latest full technical report of STX contains the most current technical analsysis.

Why is NASDAQ:STX a setup?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:STX currently has a 9 as setup rating:

Besides having an excellent technical rating, STX also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 97.16. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 86.80, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:STX

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.