- 2/16/2024 -
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Seagate Technology (STX) Technical Analysis
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|It was the negative week for the Seagate Technology (STX). During the week, the STX dropped -1.89 points, or -2.11%, and closed at 87.52 on Friday, February 16, 2024. Weekly volume was -29% below average.
STX is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See STX long-term trend chart]
A long-term downtrend had started on January 5, 2022 at 117.67 and reached 47.47 on November 3, 2022. STX lost 70.20 points, or 59.66%, in 43 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (66.65) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See STX medium-term trend chart]
A medium-term uptrend had started on April 21, 2023 at 54.32 and reached 92.04 on January 26, 2024. STX gained -37.72 points, or -69.44%, in 40 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 69.78 and resistance is at 90.61. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See STX weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
The weekly MACD line is above its signal line since May 19, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See STX short-term trend chart]
A short-term uptrend had started on September 13, 2023 at 62.43 and reached 92.04 on January 26, 2024. STX gained -29.61 points, or -47.43%, in 135 days. The chart has formed a Rising Wedge chart pattern. The trend support level is at 84.50 and resistance is at 94.24. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a short-term trend.
Daily Technical Indicators: [See STX daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since January 31, 2024. The distance between MACD and the signal line is low, but getting bigger.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The distance between the Bollinger Bands is falling, and it was 6.67% on Friday. It is 52.36% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.