Seagate Technology (NASDAQ:STX) crossed under its 10-day moving average of $47.71 on a volume of 1.8 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
Seagate Technology designs, manufactures, and markets rigid disc drives for enterprise, personal computer, and consumer electronics applications.
Over the past year, Seagate Technology has traded in a range of $44.46 to $69.40 and is now at $46.97, 6% above that low. The 200-day and 50-day moving averages have moved 0.26% lower and 1.28% lower over the past week, respectively.
Seagate Technology has overhead space with shares priced $46.97, or 26.9% below the average consensus analyst price target of $64.24. The stock should find initial resistance at its 50-day moving average (MA) of $51.89 and further resistance at its 200-day MA of $58.04.