The Greedy Trader Weekly Analysis
Sign In Mar 22, 2024
Skip Navigation Links
Number of records: 2
Share
Symbol:  

• Symbol Lookup
• View Technical Chart
• Add to Watch List
• Candlestick Patterns
• Stock Technical Indicators
• Stock Trends Analysis
• Market Sector Rank
• Stock Trading Signals

Downtrend Resistance
Downtrend Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

Archive
- 3/15/2024 -
Sign In to see current Signals.

Seagate Technology (STX) Technical Analysis

Subscribe to TheGreedyTrader Weekly Alerts
Summary:
Weekly :Overbought sectorRelative Strength Index and MACD bearish divergenceBroken trend resistance line
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARWilliams' Percentage Range and Lane's Stochastic are oversoldPrice has crossed below the 50 Day Moving AverageBullish Meeting Lines CandlestickThe price has declined below the moving average in the center of the Bollinger Bands
Move cursor over the icon to see details.

It was the negative week for the Seagate Technology (STX). During the week, the STX dropped -6.68 points, or -7.21%, and closed at 86.01 on Friday, March 15, 2024. Weekly volume was 49% above average.

STX is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See STX long-term trend chart]
A long-term downtrend had started on January 5, 2022 at 117.67 and reached 47.47 on November 3, 2022. STX lost 70.20 points, or 59.66%, in 43 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (67.78) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See STX medium-term trend chart]
A medium-term uptrend had started on April 21, 2023 at 54.32 and reached 101.26 on March 6, 2024. STX gained -46.94 points, or -86.41%, in 45 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 71.25 and resistance is at 93.27. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See STX weekly technical indicators chart]
Weekly technical indicators are neutral. Weekly Relative Strength Index and MACD have bearish divergence. Use the following links to access the Relative Strength Index and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Relative Strength Index help.

The weekly MACD line is above its signal line since May 19, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See STX short-term trend chart]
A short-term uptrend had started on September 13, 2023 at 62.43 and reached 101.26 on March 6, 2024. STX gained -38.83 points, or -62.20%, in 175 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 84.50 and resistance is at 97.03. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

Daily Technical Indicators: [See STX daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Candlestick pattern: [See STX candlestick chart pattern]
On Friday the chart has formed a Bullish Meeting Lines Candlestick pattern. This pattern appears during a decline, and it is a sign that a potential bullish reversal is in play. The reliability of the Bullish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bullish Meeting Lines Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 44.26
Williams' Percentage Range (W%R) 94.30
Strong Oversold
Lane's Stochastic (%D-Slow) 7.37
Strong Oversold
Greed/Fear Indicator (GFI) 19.10
Oversold
Moving Average Converg./Diverg. (MACD) 1.37
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.70
Bearish
Williams' Percentage Range (W%R) 44.00
Lane's Stochastic (%D-Slow) 67.42
Greed/Fear Indicator (GFI) 58.24
Moving Average Converg./Diverg. (MACD) 5.65 Bearish
Trading Signals
Description Value Chart
Parabolic System 98.50
Upper Bollinger Band 98.31
Weekly Trendline Resistance 97.03
Weekly Stochastic Crossing 95.45
Monthly Trendline Resistance 93.27
20 Day Moving Average 90.87
50 Day Moving Average 87.88
Price 86.01
Daily Stochastic Crossing 85.57
Weekly Trendline Support 84.50
Lower Bollinger Band 82.20
Monthly Trendline Support 71.25
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Technology Hardware, Storage & Peripherals 31
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 83.95
Low Date 02/21/2024
High 101.26
High Date 03/06/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 97.03
Support 84.50
Low 62.43
Low Date 09/13/2023
High 101.26
High Date 03/06/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 93.27
Support 71.25
Low 54.32
Low Date 04/21/2023
High 101.26
High Date 03/06/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 47.47
Low Date 11/03/2022
High 101.26
High Date 03/06/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 28.18
Support 67.78
High 117.67
High Date 01/05/2022
Low 47.47
Low Date 11/03/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.