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Is it possible to detect Inventory change of a Simple Product from a custom module?

Basically if the Value displayed in a Simple Product's 'Quantity' field ( as seen in the Admin product detail page..Changes) I'd like to sense it and trigger other actions.

Some of the User/System Actions I can see impacting this

  • Order placed in website (or admin) for that product
  • Order cancelled in website (or admin) for that product
  • Admin edits the Product Quantity Field
  • A Product import affects the Product Quantity Field

What event should I be listening to , to detect change in this Simple Product's Quantity Value? Are there other factors like reindexing that I should be concerned about?

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