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NetApp (NTAP) Breaks Through Resistance at $38.34

Published on Mon, 06/17/2013 - 09:52
By Mallory Stone

Shares of NetApp (NASDAQ:NTAP) have bullishly opened above the pivot of $38.12 today and have reached the first resistance level of $38.34. Investors may be interested in a cross of the next upside pivot targets of $38.79 and $39.46.

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 share prices have moved between a 52-week high of $39.15 and a 52-week low of $26.26 and are now trading 47% above that low price at $38.70 per share. The 200-day and 50-day moving averages have moved 0.34% higher and 1.07% higher over the past week, respectively.

NetApp (NASDAQ:NTAP) defies analysts with a current price ($38.70) 1.4% above its average consensus price target of $38.18. The stock should discover initial support at its 50-day moving average (MA) of $36.00 and subsequent support at its 200-day MA of $33.78.

By Mallory Stone
mstone@fnno.com