$STX with a neutral outlook following its earnings #StocksThe PEAD projected a neutral outlook for NASDAQ:STX after a negative under reaction following its earnings release placing the stock in drift D with an expected accuracy of 66.67%.
4STX trade ideas
Seagate Technology ($STX): A Key Player in the AI RevolutionSeagate is emerging as a critical supplier for AI and cloud computing with its high-capacity disk drives, making up 83% of its hard drive sales last quarter. As AI computing demands balloon, the need for mass-capacity storage solutions is surging. Demand for near-line cloud storage doubled in the last quarter, driven by both traditional cloud workloads and new AI applications.
While we're still in the early innings of AI demand, the potential for big data applications is massive. Keep an eye on NASDAQ:STX as the AI revolution accelerates.
Seagate May Be Fighting HigherSeagate Technology has been climbing for more than a year, and now some traders may see potential for a breakout.
The first pattern on today’s chart is the $104.76 level, a closing peak in late August. The data-storage stock tested and held it this week. Has old resistance become new support?
Second, that same price area is also near a 50 percent retracement of the move between Friday, September 6 and Thursday, September 24. That may confirm its short-term direction is pointing higher.
Third, the recent series of lower highs may be viewed as a bullish flag with breakout potential.
Finally, the 8-day exponential moving average (EMA) is above the 21-day EMA. That may reflect a bullish short-term trend.
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Seagate Is Sitting Near HighsSeagate Technology has been consolidating near long-term highs, and some traders may expect a breakout.
The first pattern on today’s chart is the rally between May 3 and May 16. The data-storage company retraced half that move before continuing upward. That may confirm it’s moving higher.
Next, the bounce occurred above the May 13 weekly low and the 21-day exponential moving average. Those signals may be consistent with bullish short-term trends. MACD is also rising.
Turning to the longer-term trends, notice how April’s bounce occurred near the 100-day simple moving average (SMA). Prices have also returned above their 50-day SMA.
Finally, you have the falling trendline along the highs of May 16 and May 23. STX closed above it on Tuesday. Could that be the start of a breakout?
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$STX exhibiting a Head and ShoulderNASDAQ:STX is showing signs of weakness with a Head and Shoulder pattern. The RSI is also pointing down showing weakness too. NASDAQ:SMCI already is plunging today after holding onto its support zone and had a Head and Shoulder pattern. Follow me on X account JLTrades@VWAPP88
Seagate Technology Stock Received Upside from Morgan StanleySeagate Technology Holdings Plc, known for its expertise in designing and manufacturing data storage devices, has recently received the attention of Morgan Stanley analysts and is earning a positive outlook. This endorsement comes amid expectations of the company reaching new price highs and making significant advancements in data storage technology.
Morgan Stanley's optimism is partly driven by the ongoing recovery in the data centre market, which is expected to continue. The upcoming cycle of storage hardware upgrades and the burgeoning demand for artificial intelligence (AI) technologies presents a fertile ground for Seagate's growth. As AI services often rely on extensive databases, the demand for substantial storage solutions becomes apparent, positioning Seagate favourably within the market.
Given this positive backdrop, a technical analysis of Seagate Technology's stock (STX) could provide valuable insights into its future price movements.
On the daily (D1) chart, Seagate's stock has established a support level at 85.26 USD and a resistance level at 98.80 USD, creating a wide trading channel with potential for an upward breakout. This pattern suggests a bullish outlook, with the stock potentially breaking through the resistance level and reaching new highs.
For traders looking at the hourly (H1) timeframe, a breach above the 98.80 USD resistance level could indicate a favourable entry point for long positions. A short-term price target is identified at 106.80 USD, with a medium-term goal extending up to 117.69 USD if the stock maintains its momentum beyond the initial breakout.
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Seagate’s Tight PullbackSeagate Technology rallied in late 2023 and consolidated last month. Now some traders may see potential for the data-storage company to continue higher.
First consider some longer-term patterns. STX broke out to a new 52-week high in mid-November and peaked at $79.42 later that month. Prices continued upward in December and in January pulled back to hold the same monthly high from November.
Second, faster simple moving averages (SMAs) are above the slower ones. Notice how the red 50-day SMA is above the gray 100-day SMA, which is above the green 200-day SMA. That may reflect a longer-term uptrend has begun.
Turning to the shorter term, a big price swing in January seems to be resolving with another higher low. Notice how last week’s low matched the highest weekly close of 2023.
STX also trying to hold the 21-day exponential moving average (EMA). Finally, the 8-day EMA is above the 21-day EMA, which may reflect a shorter-term uptrend.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com . Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com . System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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STX - 10 months CUP & HANDLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
Wait for correction and wait for long term supportAs the entire market is since months in a consolidation phase, I wouldn't expect any wonders for STX.
But STX is on the long term in a good run with an upwards support zone around $57.
Two TP zone areas are possible depending on your time horizon
TP1: $77
TP2: old ATH at $110-$115
STX - broke out of CUP consolidationSTX rise that began in late Dec last year was disrupted as it went into a multi-month cup consolidation from February. Last week, it finally broke above the neckline of this CUP @ 71.50 on strong volume.
A number of technical signals are now going right for STX and it appears a trend continuation is underway:
1. its 200 day moving average is now subtly curving upwards
2. MACD on its MONTHLY chart has now begun to cross up into positive territory. This is significant and likely signals a longer term bullish outlook (whip saws not withstanding).
Any dip back towards the neckline @ 71.50 will be a lower risk opportunity to long with initial stop loss below 67.50. Trail profits up should trade goes our way.
Disclaimer:
TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is (probably the most) important! Take care and Good Luck!
$STXIf you are looking to get into the short game this late into the cycle, look no further than the computer hard drive (HDD) sector. According to TOM's Hardware, HDD sales are down over 30% over last year due to poor PC sales. You can get a terabyte HDD on Amazon for about $40 bucks USD - incredible. Haven't research company specifics, but I'm sure margins are deteriorating big time. STX, WDC, etc....
STX - Up Channel MACD AnalysisConsidering the lack of a bullish divergence in the current MACD scenario, yet it being so similar to the previous movement, will we see continuation of the dominant uptrend? (in grey).
We will have to see if a continuation pattern on the MACD follows the current formation, as it did in the prior yellow rectangle containing the bullish divergence
STX Set For A Quick Jump Next Week?Based on historical movement, the trough could occur anywhere in the larger red box. The final targets are in the green boxes. The pending top should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated BUY on March 11, 2022 with a closing price of 87.33.
If this instance is successful, that means the stock should rise to at least 88.71 which is the bottom of the larger green box. Three-quarters of all successful signals have the stock rise 7.129% from the signal closing price. This percentage is the bottom of the smaller green box. Half of all successful signals have the stock rise 9.993% which is the end point of the black dotted arrow. One-quarter of all successful signals have the stock rise 12.625% from the signal closing price which is the top of the smaller green box. The maximum rise on record would see a move to the top of the larger green box. These are the same concepts for the levels in the red boxes as well.
The ends/vertical sides of the boxes are determined in a similar fashion. The peak of the rise can occur as soon as the next trading bar after signal close, while the max rise occurs within the limit of study at 35 trading bars after the signal. A 1% rise must occur over the next 35 trading bars in order to be considered a success. Three-quarters of successful movement occur after at least 2 trading bars; half occur within 7 trading bars, and one-quarter require at least 18 trading bars.
The black dotted arrow represents median historical movement. Medians are a good metric, but they are just one of many I use when forecasting future movement.
As always, the stock could decline the very next bar after the signal without looking back (therefore the red boxes would not come into play) or the stock may never decline (and the green boxes may never come into play).
