NEW BULLISH Plays
Seagate Technology - STX - close: 41.80 change: +0.86
Stop Loss: 39.95
Current Gain/Loss: unopened
Entry on September -- at $--.--
Listed on September 24, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.5 million
New Positions: Yes, see below
Why We Like It:
STX makes electronic data storage devices. The stock hit new all-time highs in July only to crash following its Q2 earnings report. Since then STX has seen a -20% correction. Investors finally stepped in to buy the stock near its rising 200-dma and its long-term trend of higher lows (see weekly chart). The last few weeks have seen STX bounce back and the stock is on the verge of breaking out past resistance near $42.00.
I am suggesting a trigger to open bullish positions at $42.25. If triggered our multi-week target is $47.00.
Trigger @ 42.25
Suggested Position: buy STX stock @ (trigger)
- (or for more adventurous traders, try this option) -
Buy the 2014 Jan $45 call (STX1418a45) current ask $1.55