Western Digital’s supply constraints caused weakness that some investors have found to be too tempting. Earnings are solid, while analysts forecast strong demand and revernue growth in 2022.
We are looking for similar price action and volume as Seagate.
We focus on stocks with rising relative price strength for the best stocks to buy and watch,
Seagate Tech (STX), has its Relative Strength (RS) Rating surge higher from 82 Monday to 90 by Thursday close. In addition, the best-performing stocks tend to have an 80 or higher RS Rating in the early stages of their moves.
“In terms of fundamentals, the company has posted four quarters of increasing earnings growth. Revenue gains have also increased over the same time frame.”
“The company earns the No. 2 rank among its peers in the Computer Software-Storage industry group. SmartGlobalHoldings (SGH) and Seagate Tech (STX) are also among the group’s highest-rated stocks”. – IBD