STX - continuing to implode

Whilst the main market started the month on a broadly positive note, Seagate (STX) continued to implode - after a recent lousy earnings report/outlook, settling -6.0% @ $20.47. The psy' level of $20 looks unlikely to hold, with next supports of $15, and then the $10/7 zone.


STX, daily

STX, monthly

Summary

Seagate has had a nightmarish time since late 2014 (when the 'old leader' - Transports maxed out), imploding from $65.08 to a new low in the $20s... the lowest level since summer 2012.

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To be clear, I like the company... great products (I prefer STX or Samsung drives for data storage), but as a stock, this is an ongoing train wreck.. based on real fundamentals where global demand is seriously weakening.

STX should be fine for the super long term, but it does look vulnerable to being ground much lower. If sp'1600/1500s.. STX would likely be somewhat close to the psy' level of $10.

One to watch.. as an important stock in the tech sector.