NetApp Is Near Resistance
Published on Thursday, 17 January 2013 06:56 Written by TradersHuddle Wire
New York, January 17th (TradersHuddle.com) - Shares of NetApp, Inc. (NASDAQ:NTAP) are trading very close to calculated resistance at $34.82. The stock ended the trading session at just $34.23, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $31.74 and by the resistance level at $34.82; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for NetApp. However, as the stock pulls back towards $31.74 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $34.82 then traders will get an opportunity to enter the stock as it moves to a higher range.