Net App got off to roaring start in 2017 with some very good turnover, advancing close to 25% by the end of February. That move was followed up by a slow bleed down to a lower support level – the gap from the February earnings jump. Since then, the stock was drifting on lower turnover, but on Monday the stock advanced sharply on better volume. The MACD and money flow (bottom pane) turned up as well.
While those are all strong signals, what caught my eye was that Net App has now crossed above a two month downtrend line. With current momentum, this stock could eclipse the early March highs. A positive earnings report might just be the catalyst to move this name to higher ground.
Net App (Nasdaq:NTAP) Video Chart Analysis
Take a deeper dive into the chart action on tech stock Net App Nasdaq:NTAP and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Net App
NetApp, Inc. provides software, systems, and services to manage and store computer data worldwide. It offers all-flash arrays that support data management across flash, disk, and cloud resources; hybrid arrays to deploy the speed of flash storage; Data ONTAP storage operating system that delivers integrated data protection, comprehensive data management, and built-in software for virtualized, shared infrastructures, cloud computing, and mixed workload business applications; and SANtricity operating system, which provides performance, reliability, and data protection for application-driven workloads. The company also provides SolidFire element operating system optimized for the storage requirements of a data center; NetApp StorageGRID software that allows organizations to store and manage massive amounts of data on premises and in the cloud; and AltaVault cloud-integrated storage solutions and services, which provide the ability to backup data to any cloud.
