STX technicals show downward trend; failure of $74.82 support risks rapid decline to lower Fibonacci levels.

Now, on the other end of the spectrum, stocks are actually down 9.18% today. STX. STX is in the exact same location as well. As we can see here, this upward parallel line has prevented the price from rising here since March 30th.

We got a good axis here that hit it on September 15th. We ran into him again last week on Friday. We had a great bounce on Monday. And here we are today, finding ourselves closing under the parallel line.

One thing is certain about these parallel lines: you prefer the points of impact to be regularly spaced apart. Now look at how long it took for the first impact to reach the second, and then the third and fourth came only two days later.

This shows no strength. Instead, the price appears to be trending downwards further on the charts.

The first stop isn't far away, guys. I will use the Fibonacci tool and raise it to the top. I placed the first pivot point at this low level on March 30, which is the bottom that started this parallel channel.

You can see that we have the 50% Fibonacci sequence area here at the price of $74,821. This will be the first site that might offer a bounce. Note that there is a price gap here as well.

Therefore, I have two independent factors overlapping here at this level. If we see selling tomorrow, this could be an immediate rebound level that might retest the bottom of this parallel channel at $834.75.

This is the first destination. After that, the price may start to slip slightly to lower levels. Note that after this consolidation phase , there is not much support because we have gone up in a straight line.

So guys, be careful and pay close attention to that. There will be slight pauses here, and then another pause may occur at this consolidation zone, but there could be a rapid drop to the 786 Fibonacci retracement level if we break the 50% zone.

But for now, this is the angle from which we are looking for a near-term rebound. We just have to see what happens in the days following this bounce and whether the price will be able to break out of it and continue to climb on the chart .

Otherwise, it may be prone to further declines on the charts.