Seagate Technologies (STX) traded 6% higher on Tuesday morning, after reporting earnings that beat Wall Street expectations. The company reported earnings per share of $1.46 and total revenue of $2.8 billion, compared to analyst estimates of $1.33 and $2.75 billion.
In reviewing the STX chart below, we can see that the stock is in the declining phase of its current market cycle. With healthy gains since September, a modest revenue beat may not have been good enough. This drop suggests a big top could be forming. Our near-term target is around the $47 level.
Seagate Technologies (STX) Stock Chart with Weekly Bars
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