NTAP breaks above 100-day moving average for the first time since June 10th
NetApp Inc. (NTAP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, NTAP ended the month -0.38% lower at 44.37 after gaining $0.35 (0.8%) today, underperforming the S&P 500 (1.54%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (NTAP as at Jun 30, 2020):
Tuesday's trading range has been $1.28 (2.91%), that's below the last trading month's daily average range of $1.73. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NTAP.
Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Last Engulfing Top Pattern which are both known as bearish patterns. The last time a Last Engulfing Top Pattern showed up on March 31st, NTAP lost -4.03% on the following trading day.
NetApp managed to close above the 100-day moving average at 44.09 for the first time since June 10th.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for NetApp. Out of 358 times, NTAP closed higher 59.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.50% with an average market move of 1.06%.