Seagate’s Tight Pullback

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Seagate Technology rallied in late 2023 and consolidated last month. Now some traders may see potential for the data-storage company to continue higher.

First consider some longer-term patterns. STX broke out to a new 52-week high in mid-November and peaked at $79.42 later that month. Prices continued upward in December and in January pulled back to hold the same monthly high from November.

Second, faster simple moving averages (SMAs) are above the slower ones. Notice how the red 50-day SMA is above the gray 100-day SMA, which is above the green 200-day SMA. That may reflect a longer-term uptrend has begun.

Turning to the shorter term, a big price swing in January seems to be resolving with another higher low. Notice how last week’s low matched the highest weekly close of 2023.

STX also trying to hold the 21-day exponential moving average (EMA). Finally, the 8-day EMA is above the 21-day EMA, which may reflect a shorter-term uptrend.

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