NetApp (NTAP) Breaks Through Resistance at $33.64
Shares of NetApp (NASDAQ:NTAP) have bullishly opened above the pivot of $33.24 today and have reached the first resistance level of $33.64. Analysts will be watching for a cross of the next upside pivot targets of $33.86 and $34.48.
NetApp has overhead space with shares priced $33.63, or 5.1% below the average consensus analyst price target of $35.45. The stock should find resistance at its 200-day moving average (MA) of $34.55, as well as support at its 50-day MA of $30.28.
Over the past year, NetApp has traded in a range of $26.26 to $46.80 and is now at $33.63, 28% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.7%.
SmarTrend recommended that subscribers consider buying shares of NetApp on November 15th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.25. Since that recommendation, shares of NetApp have risen 10.5%. We continue to monitor NTAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: pivot alerts NetApp