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Possible Bearish Inside Day Candle Pattern Detected for Netapp Inc (NASDAQ:NTAP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Netapp Inc (NASDAQ:NTAP) based on the price action in the company's shares. Today's price range of $77.44 and $77.44 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Netapp Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Netapp Inc (NASDAQ:NTAP) is currently priced 8.9% above its average consensus analyst price target of $70.55. Netapp Inc shares have support at the 200-day moving average (MA) of $73.15 and additional support at the 50-day MA of $68.12.

NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp serves enterprises, government agencies, and universities worldwide.

In the past 52 weeks, shares of Netapp Inc have traded between a low of $54.50 and a high of $88.08 and are now at $77.44, which is 42% above that low price. The 200-day and 50-day moving averages have moved 0.01% lower and 0.91% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Netapp Inc and will alert subscribers who have NTAP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle netapp inc

Ticker(s): NTAP