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Seagate Technology Crosses Below its 10-day MA (STX)

Published on Tue, 01/29/2013 - 12:10
By Peter Chu

Seagate Technology (NASDAQ:STX) shares have crossed bearishly below their 10-day moving average of $35.92 on a volume of 10.0 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of Seagate Technology have traded between a low of $20.50 and a high of $37.94 and are now at $34.03, which is 66% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.8%.

Seagate Technology designs, manufactures, and markets rigid disc drives for enterprise, personal computer, and consumer electronics applications.

Seagate Technology (NASDAQ:STX) defies analysts with a current price ($34.03) 10.6% above its average consensus price target of $30.43. The stock should find initial support at its 50-day moving average (MA) of $30.25 and further support at its 200-day MA of $29.08.

By Peter Chu
pchu@fnno.com