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NetApp (NTAP) Crosses Pivot Point Support at $34.32

Published on Tue, 04/30/2013 - 09:40
By Peter Chu

NetApp (NASDAQ:NTAP) has opened bearishly below the pivot of $34.72 today and has reached the first level of support at $34.32. Investors may be interested in a cross of the next downside pivot targets of $34.11 and $33.50.

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.

There is potential upside of 14.6% for shares of NetApp based on a current price of $34.19 and an average consensus analyst price target of $39.17. The stock should find resistance at its 50-day moving average (MA) of $34.33, as well as support at its 200-day MA of $32.94.

In the past 52 weeks, NetApp share prices have been bracketed by a low of $26.26 and a high of $41.05 and are now at $34.19, 30% above that low price. The 200-day and 50-day moving averages have moved 0.25% higher and 0.17% lower over the past week, respectively.

By Peter Chu