Seagate Technology (STX), which is a Nasdaq stock with a three letter symbol, opened strong and closed weak to make the dark cloud scan list. These are potentially bearish patterns that require confirmation. A move below 49.5 would break the three week trend line and produce a bull trap, which is a failed breakout.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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