Downtrend Broken Resist.Archive
- 9/22/2023 -
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NetApp, Inc. (NTAP) Technical Analysis
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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.