High Above Average Volume on Seagate

Published on Friday, 29 June 2012 11:38 Written by TradersHuddle Wire

New York, June 29th (TradersHuddle.com) - Unusual high volume detected on shares of Seagate Technology (NASDAQ:STX) early in the trading session. The pace in volume of Seagate is already above average, with sellers in control, as the stock is 5.22% lower.

Seagate Technology (NASDAQ:STX) designs, manufactures, and markets hard drives for enterprise, personal computer, and consumer electronics applications. Seagate is the largest manufacturer of hard drives and storage solutions in the world.

Seagate has already traded 1.674 times its 3-month average volume and has calculated support and resistance at $22.59 and $24.74 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading higher by 1.92% from its previous trading close, which means that Seagate stock is underperforming the overall market.