Trading Idea: Entry Levels for NetApp
Published on Tuesday, 02 April 2013 08:40 Written by TradersHuddle Wire
New York, April 2nd (TradersHuddle.com) - Shares of NetApp, Inc. (NASDAQ:NTAP) are trading very close to calculated support at $32.98 with price action closing at just $34.06 and placing the stock near levels where traders will start paying attention.
NetApp's stock range is defined by its calculated support defined at $32.98 and by the resistance level at $36.61, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
Traders wanting to establish a position should pay close attention to NetApp's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $36.61 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the 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.