STX closes higher for the 2nd day in a row
Seagate Technology PLC (STX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, STX ended the month -8.73% lower at 48.41 after gaining $0.65 (1.36%) today, underperforming the Nasdaq 100 (1.96%).
Daily Candlestick Chart (STX as at Jun 30, 2020):
Tuesday's trading range has been $1.00 (2.08%), that's far below the last trading month's daily average range of $1.62. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for STX.
Prices are trading close to the key technical resistance level at 48.98 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to April's low at 45.45 we could see further downside momentum if potential sell stops at the level get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Seagate Technology. Out of 99 times, STX closed higher 54.55% 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 62.63% with an average market move of 1.55%.