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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in NetApp (NASDAQ:NTAP) based on the price action in the company's shares. Today's price range of $39.60 and $40.10 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. Traders and investors interested in shares of NetApp 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 has overhead space with shares priced $39.88, or 5.6% below the average consensus analyst price target of $42.26. The stock should find initial support at its 200-day moving average (MA) of $28.21 and further support at its 50-day MA of $25.61.

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 share prices have been bracketed by a low of $20.66 and a high of $43.14 and are now at $39.88, 93% above that low price. The 200-day and 50-day moving averages have moved 0.57% lower and 0.54% lower over the past week, respectively.

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

Keywords: bullish inside day candle NetApp

Ticker(s): NTAP