NetApp Stock Forecast
Green day on Thursday for NetApp
(Updated on Apr 25, 2024)
The NetApp stock price gained 0.88% on the last trading day (Thursday, 25th Apr 2024), rising from $100.06 to $100.94. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.66% from a day low at $98.85 to a day high of $101.48. The price has been going up and down for this period, and there has been a -3.74% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 307 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $153.33 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $98.89 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 22.07% during the next 3 months and, with a 90% probability hold a price between $120.72 and $136.35 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
NTAP Signals & Forecast
There are mixed signals in the stock today. The NetApp stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $103.06. On a fall, the stock will find some support from the short-term average at $99.62. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -5.20%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for NetApp stock
NetApp finds support from accumulated volume at $97.91 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.63 between high and low, or 2.66%. For the last week, the stock has had daily average volatility of 2.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NTAP) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect NetApp to open at $100.42, and during the day (based on 14 day Average True Range), to move between $98.76 and $103.12, which gives a possible trading interval of +/-$2.18 (+/-2.16%) up or down from last closing price. If NetApp takes out the full calculated possible swing range there will be an estimated 4.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $102.35 (1.40%) than the support at $97.91 (3.00%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is NetApp stock A Buy?
NetApp holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.205 Sell Candidate Unchanged
Predicted Opening Price for NetApp of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $100.42 ( 0.512%) | $100.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NTAP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 103.05 | 2.09 % | |
| R2 | 102.05 | 1.10 % | ||
| R1 | 101.43 | 0.483 % | ||
| Current price: | 100.94 | |||
| Support | S1 | 99.42 | -1.51 % | |
| S2 | 98.80 | -2.12 % | ||
| S3 | 97.79 | -3.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 105.31 | 4.33 % | |
| R2 | 104.80 | 3.82 % | ||
| R1 | 102.35 | 1.40 % | ||
| Current price | 100.94 | |||
| Support | S1 | 97.91 | -3.00% | |
| S2 | 89.12 | -11.71% | ||
| S3 | 87.20 | -13.61% |
NTAP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Apr 05, 2024 | Apr 24, 2024 | $0.500 | 0.500% |
| 2 | Feb 29, 2024 | Apr 04, 2024 | Apr 24, 2024 | $0.500 | 0.500% |
| 3 | Nov 28, 2023 | Jan 04, 2024 | Jan 24, 2024 | $0.500 | 0.564% |
| 4 | Aug 23, 2023 | Oct 05, 2023 | Oct 25, 2023 | $0.500 | 0.690% |
| 5 | May 31, 2023 | Jul 06, 2023 | Jul 26, 2023 | $0.500 | 0.638% |
FAQ
Click here for our free guide on how to buy NetApp Stock.
