NetApp's ( NASDAQ:NTAP ) shares surged over 24% in premarket trading on Friday, following the announcement of its quarterly earnings report that exceeded analysts' expectations. The cloud storage firm raised its full-year fiscal 2024 outlook and stated that it foresees continued strength in its all-flash products and marketplace services. NetApp's ( NASDAQ:NTAP )...
Company: NetApp Inc.
Ticker: NTAP
Exchange: NASDAQ
Sector: Technology
Introduction:
Welcome to today's technical analysis. Our focus is on NetApp Inc. (NTAP), a major player in the Technology sector, listed on the NASDAQ. The weekly chart is currently exhibiting a Symmetrical Triangle pattern, suggesting a possible bottom reversal.
Symmetrical Triangle...
Based on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on September 1, 2021 with a closing price of...
Netapp published earnings of 73 cents / share, up from 65 cents/share a year ago. Analysts had expected sales and profit to decline from last year, and so had suggested a 41 cents/share outlook. Stock up 10% in aftermarket.
NTAP on the Weekly View chart shows a traditional Head & Shoulders Topping Formation. This type of top is far less common these days. This is due to changes in Dark Pool transaction activity off the public exchanges, new routing, and new order types. The gap down is above the traditional Head & Shoulders completion level. However, there is some technical evidence...
Fundamental analysis
Earnings was pretty bad for Netapp as they slashed guidance.
Market sentiment is complicated right now, if a stock doesn't do well fundamentally, it really takes a toll.
Technical analysis
Support around $36-38
