Tag: Seagate Technology

Seagate Technology PLC Stock Code STX.NAS

Outlook

Price broke below the cloud in the previous trading session, changing the chart outlook to bearish.  Price also broke below a recent low, creating an Ichimoku reversal with a V-shaped price projection target at $81.13. Conversion line and Base line had a bearish crossover and is hinting at a bearish price trend ahead. Lagging Span is below price of 26 days ago but is above the cloud at the moment. MACD has a bearish crossover, hinting at a bearish price trend. MACD had also given a divergence warning when price hit the peak. If price is unable to move above the cloud, it could be heading towards the support at $85.20.

Strategy                  

$95.55                Sell

$85.20                Price Target

$102.20              Risk Management Stop

3 weeks              Trade Duration

Outlook
After reaching a high of  $66.02 on 17 December 2020, price has been on a decline. The decline may have found support at the Base line. There was a Morning Star candlestick price pattern which is a hint that the correction may be ended. Lagging Span is above price of 26 days ago and  above the cloud, confirming the bullish trend.  MACD lines may be declining but both lines of MACD are above the zero line, which is a sign of a bullish price trend. We see the end of a correction and test of the previous high at $60.02 and likely beyond this high before the rally ends.

Strategy                  
$62.10              Buy
$66.00              Price Target
$59.80              Risk Management Stop
3 weeks            Trade Duration