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SEAGATE TECHNOLOGY HOLDINGS (NASDAQ:STX) showing some interesting technicals. Here's why.

By Mill Chart

Last update: Jun 10, 2024

We've identified SEAGATE TECHNOLOGY HOLDINGS (NASDAQ:STX) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:STX for further developments.

STX Daily chart on 2024-06-10

Analyzing the Technical Aspects

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple 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.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, STX did better than 91% 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 67% of them.
  • In the last month STX has a been trading in the 90.26 - 99.20 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How does the Setup look for NASDAQ:STX

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:STX is 10:

STX has an excellent technical rating and 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 97.16. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 92.51, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for STX in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NASDAQ:STX be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

Our Breakout screener lists more breakout setups and is updated daily.

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.

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SEAGATE TECHNOLOGY HOLDINGS

NASDAQ:STX (7/10/2024, 3:39:08 PM)

After market: 106.72 -0.01 (-0.01%)

106.73

+2.38 (+2.28%)

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