NTAP trade ideas
$NTAP 30min chart$NTAP $61.81 - 30min 5ema & 14ma cross the 30 - dragonfly doji at weekly support just under 30dma -
- ex dividend date 1/02/20 -
1/03/20 $62 calls as .25 avg now
NTAP Gap FillNTAP has now tested the $63.5 resistance line 7times. It is trending up and looking to break this resistance and fill the gap previously made in its chart up to the $66 level.
$NTAP Risky trade In NetApp inc. Entry level above the 200MA @ $60.40 approx.
Target price to channel @ $66.00 approx.
Stop loss @ $58.00.
Very risky trade into earnings given the past history for the stock , the decline we seen Arista Networks post earnings could very well be repeated here.
For a safer entry into the stock wait for a bullish move out of the channel.
Short interest 6.32%
P/E ratio 15.41.
Company profile
NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage. The company was founded by David Hitz, James K. Lau and Michael Malcolm in April 1992 and is headquartered in Sunnyvale, CA.
Netapp made a couple bullish trend line breaks; target 57On October 14, options traders bought a bunch of November puts on Netapp, apparently betting that the stock would get rejected from the trend line it was testing and fall further toward the high-volume support node around 40.50. Instead, Netapp successfully made two bullish trend line crosses. There's quite a bit of upside potential here. It should at least test 57. Possibly it will gap fill to 57.45, in which case the next target is about 62.50. In the most optimistic scenario, it could test the next trend line, maybe around 66.50 early next year.
The average analyst price target is slightly below the current price, which could be a drag on the stock. Cloud services like Netapp have been weak this earnings season, and Netapp next reports earnings on November 13. I'd tend to expect the stock to be bearish going into earnings.
However, analyst ratings on Netapp have been improving, and it's currently got a 6.9/10 summary score from Thompson-Reuters. Netapp also has an attractive P/E under 14 and forward P/E under 13. It's rated highly undervalued by S&P Capital IQ. If analyst firms raise their price targets after this trend line break, that could be an upward catalyst for the stock.
Shortseeing rejection on longterm down trend. Also at .618 pullback and not able to break through previous gap. looking for some weekly puts
NTAP Head & Shoulders Top Gaps DownNTAP on the Weekly View chart shows a traditional Head & Shoulders Topping Formation. This type of top is far less common these days. This is due to changes in Dark Pool transaction activity off the public exchanges, new routing, and new order types. The gap down is above the traditional Head & Shoulders completion level. However, there is some technical evidence that this could be the conclusion and completion level for this top at this time.
Netapp - sell-off might not be over
Fundamental analysis
Earnings was pretty bad for Netapp as they slashed guidance.
Market sentiment is complicated right now, if a stock doesn't do well fundamentally, it really takes a toll.
Technical analysis
Support around $36-38
$45-$43 price target for Netapp Correction Enterprise-tech companies’ stocks were slammed in after-hours trading Thursday, after NetApp NTAP, -18.14% surprised investors with a warning that its fiscal first-quarter earnings would come in below its previous forecast, with a revenue shortfall ranging from about $100 million to $250 million.
“Our outlook is really determined on the discussions that we have with our largest global accounts,” NetApp Chief Executive George Kurian said in a surprise conference call after the warning. “I think, if you looked at other players in the IT hardware segment that reported — like Intel INTC, -0.99% , for example, or IBM IBM, -0.52% — they had, you know, pretty tough comments about the spending landscape.”
AVERAGE ANALYSTS PRICE TARGET $70
AVERAGE ANALYSTS RECOMMENDATION OVERWEIGHT
P/E RATIO 12.4
SHORT INTEREST 6.4%
COMPANY PROFILE
NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage. The company was founded by David Hitz, James K. Lau and Michael Malcolm in April 1992 and is headquartered in Sunnyvale, CA.
Bear Pennant with a Gap (11/16/17) in sightTrading very weak, breaking down from a bear pennant formation.
She likes to gap 11/16/18 closed 4/17/19 and then reversed.
NASDAQ STOCK ::: NTAP#NTAP HAVE POTENTIAL FOR A BIG BUY, IF PRICE CAN MOVE ABOVE YELLOW AREA, CAN RISE FOR HIGHER TARGETS.
POST WILL UPDATE.
NTAP Gap FillNTAP is now testing resistance before the gap in its daily chart. As most gaps fill and it has tested this level several times over the past couple weeks, I believe it will close the gap for a 6% profit potential
NTAP GapNTAP has just approached resistance in its daily chart as it closes in on the gap made in its chart a couple weeks ago. I'm looking for this gap to be closed in its chart over the next week for a 5% gain.
$NTAP Safe bet on NETAPP's steady growth.There is absolutely nothing wrong with a safe steady bet, NTAP has a proven track record of continual growth and trades at a very reasonable P/E of 17. While it has traded well of the lows from December 2018 it has still considerable runway ahead to get back to the 52 week high of $88. Earnings approach and the chart looks good from a technical perspective, with indicators all turning positive, as BUY volume increases. Maybe NTAP is becoming somewhat of a safe haven for investors looking for growth but at a reasonable cost.
Average recommendation Overweight
Average price target $78
COMPANY PROFILE
NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage
Swing trade $NTAP to all time high. 20%+ upside!As indicated price has bounced off 9 day avg line on the monthly chart; giving us a have a safe entry for swing trade to our price target of $88+. $NTAP will be reporting Q4 report on May 22nd:
"Q4 has historically proven to be a strong seasonal period for free cash flow conversion, as such we remain committed to driving free cash flow of 19% to 21% of revenues for the full fiscal year. Our confidence in our long-term vision and execution is reflected in our capital allocation strategy." - Ron Pasek: Q3 earnings calls.
NTAP: Filling gap, solid candlestick patterns ahead of earningsNTAP has moved into the gap area, and is now poised to challenge the next resistance level. This stock has had recent HFT activity and is likely to have more HFT attention on the day of its earnings release. The candlestick patterns are solid ahead of earnings. Watch for pro traders setting up for a pre-earnings run.
NTAP Earnings: Short-term Bottom, HFT, Pro Traders, BuybacksNetApp is a Data Storage company for Cloud Technology. The Financial Services Industry is reporting a huge increase in Cloud Services usage that is starting in 2019 after a very conservative interest in Cloud Based Storage and services. This could potentially help NTAP complete this short term bottom and begin a new business cycle for the next couple of years. NTAP topped around $88 and declined to a low of about $56 before starting this first attempt at a bottom. HFTs are likely to be targeting this stock tomorrow as it reports its earnings. NTAP technically has stopped just below resistance for a completion of bottom. It is technically in a sideways pattern at this level. BOP shows HFTs were the drivers for the stock to drop in price to the short term bottom low of $56. BOP is not yet showing any quiet accumulation. Some pro traders are in the mix. The stock may also be under buyback mode as well.
Good buying opportunity!NASDAQ:NTAP Trigger: $63.66 after a pullback. Buy Stop: above 62.66.
Please like and comment if you like my ideas. THANK YOU!!!
Please note that this information is not a recommendation to buy or sell. It is to be used for educational purposes only.
