Buyers Stepping In - Seagate

Published on Friday, 23 November 2012 11:38 Written by TradersHuddle Wire

New York, November 23rd (TradersHuddle.com) - Unusual high volume detected on shares of Seagate Technology (NASDAQ:STX) early in the trading session. The pace in volume of Seagate points to a break above average, with buyers stepping in, as the stock is 0.47% higher.

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 0.92 times its 3-month average volume and has calculated support and resistance at $26.24 and $30.35 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 0.93% from its previous trading close, which means that Seagate stock is underperforming the overall market.