New York, May 25th (TradersHuddle.com) - Shares of NetApp, Inc. (NASDAQ:NTAP) closed the session at $28.82 well below calculated support at $32.28. Price action placed the stock in oversold territory as investors and money managers moved out of their positions.
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.
NetApp's stock was trading in a well defined range with support at $32.28 and resistance at $41.05, prior to its decline. When the stock broke calculated support, it sparked the current down draft, which has shown how traders move out their positions in the stock.
From a technical perspective, the NetApp stock is in severe pain, as the harsh sell-off could place a heavy burden on buyers, who as they look to get their money back, might generate a price dynamic where buyers will become sellers as the bounce materializes. It can be expected that previous support will become resistance, as a new range gets defined. The maximum move for the stock should be calculated to return to previous support at $32.28. Traders wanting to play an oversold bounce in NetApp, by establishing a long position, would need to wait for evidence of buying at a specified area.
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