Having halved in value within the last 11-month period since Nov 2006, manufacturer of data storage devices, Seagate, is currently re-testing the $14 level; an area last seen as support during the July 15th lows coinciding with YTD market-wide lows. With positive RSI divergence against price action and oversold stochastics; current consolidation may form a Double-Bottom pattern with a price target of $19 approx. Otherwise, a breach of $14 may see price action decline further to subsequent support levels of $12 and $10.
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Hello Chris,
I hope you have a nice weekend in UK.
Isn´t a bit amazing to read news nowdays - sounds like end of the world together with all those hurricases.
It looks for me you have wave 3 bottom positions in here which have been tested twice as double bottom.
Should offer wave 4 to the upsde, not a perfect wave, but most are 4´s market offering now.
I think commodity market also hit important retracement, for example silver, SLV is down now from 20 to 10 which is 50% drop, Russian RTS down now also -50% and Oil down now 50 $. SLV have double bottom now from 2006.
This is very wonderfully tradable market, but very difficult to hold
actually anything for multimonths.
British pound chart looks btw. very danger by EW point of view, likely going down in longer term view.
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