Seagate Technology (NASDAQ: STX) Stock is Due for a Double-Digit Pop

Technology has been one of the poorest performers this summer, and within the sector, data storage hardware stocks such as Seagate Technology (NASDAQ: STX) have fared even worse.

But from such a fire, a phoenix often rises. Seagate is one such bird.

Although we can credit fundamental news for Seagate's newfound strength, its technical change presents the most compelling story.

On July 13, the company warned fiscal fourth-quarter results would fall short of expectations due to weaker-than-expected demand. The stock promptly sank at the open to set a fresh 52-week low. (more)