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Seagate Technology(STX - Get Report) designs, manufactures, markets and sells hard disk drives. This stock is trading up 3.2% at $33.83 in recent trading.
Today's Volume: 10.4 million
Average Volume: 13.1 million
Volume % Change: 50%
Shares of STX are moving notably higher today after Lizard Capital started coverage on the stock with a $38 price target.
From a technical perspective, STX is ramping higher here with decent volume. This move is coming after a massive run higher, since STX has soared from its June low of $21.62 to today's high of $34.24. This move has also pushed STX into extremely overbought territory, since its current relative strength index reading is 80.20.
Traders should now only look for long-biased trades if STX is trending above its recent breakout level of $32.55 with strong upside volume flows. I would consider any upside volume day that registers near or above 13,080,800 shares as bullish. If STX can hold that trend, then this stock could hit $35 to $40 in near future.
However, considering how overbought STX is, traders might want to look for short-term short trades if that breakout level fails to hold.
To see more stocks rising on unusual volume, check out the
Stocks Rising On Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.