Computer data storage and hard drive producer Seagate Technology (STX) continues to rocket up the rankings in the SIA S&P 500 Index Report. Earlier this week, Seagate returned to the Green Favored Zone for the first time since July and yesterday, it finished in 33rd place, up 62 spots on the day and up 208 positions in the last month.
With a major breakout over the $100.00 round number this week, Seagate Technology (STX) has successfully completed six months of consolidation and kicked off a new upleg within a continuing long-term uptrend.
Based on measured moves from recent $80.00-$100.00 and $78.00 -$94.00 trading ranges, next potential resistance for STX appears in the $120.00 to $122.00 area. Initial support appears between $96.00 and the $100.00 breakout point.
Seagate Technology (STX) staged a big breakout to a new all-time high yesterday. This rally ended a six-month sideways consolidation phase, completed a bullish Spread Double Top, pattern, confirmed a previous bullish Double Top breakout and signaled the start of a new upleg.
Based on vertical and horizontal counts, next potential upside resistance tests appear near $119.75, then $124.55 to $127.10, around the $125.00 round number. Initial support appears near $96.30 based on a 3-box reversal.
With a bullish SMAX score of 9, STX is exhibiting strength against the asset classes.
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