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Seagate Technology (STX) Testing Key Resistance at $46 for Short-term Upside

Seagate Technology $STX has been in consolidation mode since 2015. 

STX Weekly Chart

(click to enlarge)

Long-term Consolidation:
- In the long-term, we can see that there was a bullish trend in 2011 through 2014. 
- After that swing, price has been consolidation. 
- There's also a bit of convergence, and price is smack in the middle of this.
- Thus there is not much long-term direction in STX.

Short-term Bullish Attempt:
- In 2019 however, we do have a bullish attempt, going against the 2018 decline.
- We saw a possible price bottom in early 2019 when price pushed past $46, which was a key neckline.
- However, after price tagged $50, STX is again in consolidation/bearish correction mode.
- The latest bullish attempt from 42 is now testing the consolidation's falling resistance as well as a previous resistance pivot at $46.35.
- A break above this level could be a sign the the 2019 bullish trend is still in play.
- This would open up $50-$51 and potentially the $56-$57 area. 

- There is also a key support around $43.50. The bullish scenario should hold above this level.
- A break below $43.50 could mean further downside to $40, and potentially the lows from late-2018 and early 2019 (around $36-$37). But this is within a sideways market, so the bearish outlook would be weak.

To me, the price chart does NOT provide any good clues to trade STX. At most, there could be a slight bullish bias if price does indeed break above $46.35.

STX Daily Chart

(click to enlarge)

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