Promising Signs: SEAGATE TECHNOLOGY HOLDINGS Setting the Stage for a Breakout.

Our stock screener has flagged SEAGATE TECHNOLOGY HOLDINGS (NASDAQ:STX) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:STX for potential movement.

Analyzing the Technical Aspects

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, STX scores 10 out of 10 in our technical rating. 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.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that STX is one of the better performing stocks in the market, outperforming 86% of all stocks. We also observe that the gains produced by STX over the past year are nicely spread over this period.
• STX is one of the better performing stocks in the Technology Hardware, Storage & Peripherals industry, it outperforms 80% of 32 stocks in the same industry.
• STX is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• STX is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

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

How do we evaluate the setup for NASDAQ:STX?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:STX is 9:

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 109.82. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 108.94, 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

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.