The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 9/22/2023 -
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NetApp, Inc. (NTAP) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance line
Daily :Daily  MACD line has moved below its signal lineLane's Stochastic is oversoldPrice has crossed below the 50 Day Moving Average
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It was the negative week for the NetApp, Inc. (NTAP). During the week, the NTAP dropped -1.70 points, or -2.19%, and closed at 76.02 on Friday, September 22, 2023. It was the worst weekly loss since July 28, 2023. Weekly volume was -18% below average.

NTAP is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See NTAP long-term trend chart]
A long-term downtrend had started on January 12, 2022 at 96.61 and reached 58.08 on December 28, 2022. NTAP lost 38.53 points, or 39.88%, in 50 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (53.32) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See NTAP medium-term trend chart]
A medium-term uptrend had started on December 28, 2022 at 58.08 and reached 80.53 on July 21, 2023. NTAP gained -22.45 points, or -38.65%, in 29 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 63.92 and resistance is at 84.62. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See NTAP weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since April 6, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See NTAP short-term trend chart]
A short-term downtrend had started on September 6, 2023 at 79.96 and reached 75.40 on September 21, 2023. NTAP lost 4.56 points, or 5.70%, in 15 days. The price is now at the 13.60% retracement level.

Daily Technical Indicators: [See NTAP daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.32
Williams' Percentage Range (W%R) 66.80
Lane's Stochastic (%D-Slow) 14.51
Oversold
Greed/Fear Indicator (GFI) 29.33
Moving Average Converg./Diverg. (MACD) 0.11
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.92
Williams' Percentage Range (W%R) 23.50
Lane's Stochastic (%D-Slow) 50.74
Greed/Fear Indicator (GFI) 59.44
Moving Average Converg./Diverg. (MACD) 2.75
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 84.62
Upper Bollinger Band 79.92
Parabolic System 78.24
50 Day Moving Average 77.49
20 Day Moving Average 77.33
Weekly Stochastic Crossing 77.17
Price 76.02
Daily Stochastic Crossing 75.86
Lower Bollinger Band 74.24
Quarterly Trendline Support 63.92
Sector and Industry
Description Name Rank
Sector Information Technology 10
Industry Technology Hardware, Storage & Peripherals 93
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 78.66
High Date 09/14/2023
Low 75.40
Low Date 09/21/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 79.96
High Date 09/06/2023
Low 75.40
Low Date 09/21/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 80.53
High Date 07/21/2023
Low 74.14
Low Date 08/25/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 84.62
Support 63.92
Low 58.08
Low Date 12/28/2022
High 80.53
High Date 07/21/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 48.57
Support 53.32
High 96.61
High Date 01/12/2022
Low 58.08
Low Date 12/28/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.