STX ends the day indecisive
Seagate Technology PLC (STX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (STX as at Sep 14, 2018):
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 47.20 where further sell stops could get triggered.