NetApp Close to 50 Day Moving Average

Published on Thursday, 26 January 2012 06:52 Written by TradersHuddle Staff

New York, January 26th (TradersHuddle.com) - Shares of NetApp, Inc. (NASDAQ:NTAP) closed the trading day at $37.80 close to its 50 day moving average currently set at $36.50. NetApp's price action is just above this important support level translating into a trading opportunity.

NetApp, Inc. (NASDAQ:NTAP) provides storage and data management solutions. The storage solutions include specialized hardware, software, and services that provide storage management for open network environments.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $33.50 and calculated resistance at $38.00. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on NetApp will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.