Approaching Support- NetApp

Published on Wednesday, 01 September 2010 06:16 Written by Christian Paolinetti

New York, September 1st (TradersHuddle.com) - Shares of NetApp, Inc. (NASDAQ:NTAP) are trading very close to calculated support at $38.90 with current price action closing at just $40.38 places the stock price near levels where traders will start paying attention.

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 current stock range is defined by current calculated support defined at $38.90 and by the resistance level at $41.80, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to NetApp's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $41.80 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.