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Technical Analysis: This Data Storage Company Is Breaking Its Downtrend

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Seagate Technology has spent the last five months pulling back. But now it may be turning around.

The main pattern on today’s chart is the descending trendline that started in May and ran along the peaks of August and September. Notice how STX closed above that line on Friday.

Next, the jump followed two weeks of consolidation along …

For more, please click here to view the related idea and chart analysis on TradingView.

Seagate Technology (STX), daily chart with selected patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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