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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Netapp Inc (NASDAQ:NTAP) based on the price action in the company's shares. Yesterday's price range of $53.49 and $53.86 is within the prior day'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. Traders and investors interested in shares of Netapp Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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, Netapp Inc share prices have been bracketed by a low of $44.55 and a high of $78.35 and closed yesterday at $54.04, 21% above that low price. The 200-day and 50-day moving averages have moved 0.58% lower and 0.88% lower over the past week, respectively.

Netapp Inc (NASDAQ:NTAP) has potential upside of 30.6% based on a current price of $54.04 and analysts' consensus price target of $70.55. The stock should run into initial resistance at its 200-day moving average (MA) of $58.94 and subsequent resistance at its 50-day MA of $61.08.

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: bullish am inside day candle netapp inc

Ticker(s): NTAP