Thursday, Nov 2, 2017
 
 

NetApp Inc. (NASDAQ: NTAP)

 

NetApp, Inc. provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.

Take a look at the 1-year chart of NetApp (NASDAQ: NTAP) below with added notations:

1-year chart of NetApp (NASDAQ: NTAP)

NTAP has been trending mostly sideways for the past 8 months. However, the stock has recently stalled again, as NTAP has now hit the same resistance at $45 (red) on two separate occasions. The stock is currently sitting just under that level now, and a solid close above the $45 should lead to another leg higher for NTAP.

The Tale of the Tape: NTAP has a 52-week resistance at $45. The possible long position on the stock would be on a breakout above that level with a stop placed under it.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT

 
 

Christian Tharp, CMT

Want to know which trades to make, how to manage your stops and when to exit your trades? As a CMT with over a decade worth of experience in trading & mentoring traders, I’d like to offer you the opportunity to let me help you overcome all of your obstacles.

Click Here
 
 
 
 
Web Analytics