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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 $60.65 and $61.27 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.

In the past 52 weeks, shares of Netapp Inc have traded between a low of $44.55 and a high of $78.35 and closed yesterday at $60.47, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

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.

Netapp Inc has overhead space with shares priced $60.47, or 14.3% below the average consensus analyst price target of $70.55. The stock should find resistance at its 50-day moving average (MA) of $61.83, as well as support at its 200-day MA of $59.69.

SmarTrend recommended that subscribers consider buying shares of Netapp Inc on November 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.07. Since that recommendation, shares of Netapp Inc have risen 4.2%. We continue to monitor NTAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle netapp inc

Ticker(s): NTAP