Seagate Is Sitting Near Highs
Seagate Technology has been consolidating near long-term highs, and some traders may expect a breakout.
The first pattern on today’s chart is the rally between May 3 and May 16. The data-storage company retraced half that move before continuing upward. That may confirm it’s moving higher.
Next, the bounce occurred above the May 13 weekly low and the 21-day exponential moving average. Those signals may be consistent with bullish short-term trends. MACD is also rising.
Turning to the longer-term trends, notice how April’s bounce occurred near the 100-day simple moving average (SMA). Prices have also returned above their 50-day SMA.
Finally, you have the falling trendline along the highs of May 16 and May 23. STX closed above it on Tuesday. Could that be the start of a breakout?
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Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the rally between May 3 and May 16. The data-storage company retraced half that move before continuing upward. That may confirm it’s moving higher.
Next, the bounce occurred above the May 13 weekly low and the 21-day exponential moving average. Those signals may be consistent with bullish short-term trends. MACD is also rising.
Turning to the longer-term trends, notice how April’s bounce occurred near the 100-day simple moving average (SMA). Prices have also returned above their 50-day SMA.
Finally, you have the falling trendline along the highs of May 16 and May 23. STX closed above it on Tuesday. Could that be the start of a breakout?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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