Company Description: Seagate Technology engages in the design, manufacture, marketing, and sale of hard disk drives for the enterprise, mobile computing, desktop, consumer electronics, and branded solutions market applications of the disk drive industry in North America, the Far East, and Europe. Its products are used in enterprise servers, mainframes and workstations, desktop and notebook computers, and in various devices, such as digital video recorders and other consumer electronic devices that require storage. The company sells its products under the Seagate, Maxtor, Cheetah, Savvio, Barracuda, Momentus, DiamondMax, Pipeline HD, Pipeline Mini, Free Agent, Maxtor OneTouch, and LD25.2 brands. It sells its products primarily to original equipment manufacturers, as well as to distributors and retailers. The company also provides data storage services for small- to medium-sized businesses, including online backup, data protection, and recovery solutions. Seagate Technology was founded in 1979 and is based in Grand Cayman, the Cayman Islands.

Our Analysis: The shares of Seagate Technology Holdings 'STX' moved sharply higher on significantly heavier than normal trading volume. They finished the day by setting a new yearly closing high, and in the process completed a "cup pattern" with a measured to our lower price target of $22.27/share, which is also a point of upside resistance established on June 6th of 2008. If the shares of 'STX' close above that level, then they should continue to move higher and test $23.86/share, a point of upside resistance established on February 25th of 2008. I see downside resistance on the shares of 'STX' @ $19.49/share, and have set my stops accordingly at $19.07/share.