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

By Shiri Gupta

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 $39.36 and $39.98 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, Netapp Inc share prices have been bracketed by a low of $34.66 and a high of $77.61 and closed yesterday at $39.68, 14% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 2.4%.

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.

Potential upside of 77.8% exists for Netapp Inc, based on a current level of $39.68 and analysts' average consensus price target of $70.55. The stock should run into initial resistance at its 50-day moving average (MA) of $43.86 and subsequent resistance at its 200-day MA of $53.33.

SmarTrend is monitoring the recent change of momentum in Netapp Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Netapp Inc in search of a potential trend change.

Keywords: bullish am inside day candle netapp inc

Ticker(s): NTAP