STX closes within previous day's range
Seagate Technology PLC (STX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
STX finished the week 3.16% higher at 47.68 after gaining $0.49 (1.04%) today, slightly outperforming the Nasdaq 100 (0.88%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (STX as at Mar 15, 2019):
Friday's trading range has been $0.99 (2.08%), that's slightly below the last trading month's daily average range of $1.10. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STX. Prices continued to consolidate within a tight trading range between 46.99 and 48.46 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on February 13th, STX gained 0.07% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 46.99 where further sell stops could get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Seagate Technology. Out of 687 times, STX closed higher 55.75% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.17% with an average market move of 0.90%.