STX - breaking out

With the broader equity market starting the week with somewhat significant gains, there was notable strength in Seagate (STX), settling +3.0% @ $59.15. The daily close just under the 200dma is rather significant, and bodes for 62/64 before end month.


STX, daily

Summary

Suffice to say, the second consecutive significant net daily gain.

Earnings were arguably 'reasonable' recently, and with a continuing share buy back, STX looks set to take out the Dec' high of $68.78.

*I am strongly bullish STX.. not least since I greatly favour their desktop drives. The storage industry continues to shift from HDD to SSD. STX is part of that shift, and should be fine across the long term.