STX ends the day indecisive

Seagate Technology (STX) Technical Analysis Report for Sep 14, 2018

Highlights

STX closes above its opening price after recovering from early selling pressure
STX finds buyers at key support level
STX finds buyers again around 47.68
STX closes within previous day's range after lackluster session
STX ends the day indecisive

TQ Sentiment

Report Sentiment: 57% Bullish
Technical Forecast:

Overview

STX finished the week -3.03% lower at 48.29 after gaining $0.08 (0.17%) today. Trading up to $0.53 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for STX

Volatility

Friday's trading range was $0.93 (1.93%), that's below last trading month's daily average range of $1.55. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Price Action

After moving lower in the prior session, Seagate Technology managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

After trading as low as 47.68 during the day, the stock bounced off the key support level at 47.97. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 47.89 in the prior session, the market found buyers again around the same price level today at 47.68.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 47.20 where further sell stops could get triggered.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Seagate Technology

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