CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
✖

Earnings Play NetApp

Article By: ,  Financial Analyst
November 27, 2020 11:15 AM
On Tuesday, after market, NetApp (NTAP) is expected to report second quarter EPS of $0.73 compared to $1.09 last year on revenue of approximately $1.3 billion vs. $1.4 billion a year earlier. The Co is a leading provider of data management and storage solutions, and its current analyst consensus rating is 7 buys, 18 holds and 3 sells, according to Bloomberg.

Looking at a weekly chart, NetApp's stock price recently broke out to the upside of a long-term downward channel that began to form in September of 2018. The RSI is holding over 60 and shows bullish momentum. Price appears to have used to the 200-week simple moving average (SMA) as resistance.        



Source: GAIN Capital, TradingView


Looking at a daily chart, NetApp's stock price has been rallying since late-October, early-November and on November 16th, price broke out to the upside of the long-term bearish channel that price was declining within since September of 2018. The RSI has just retreated from overbought territory and its holding above 60. The SMAs are bullish, as the 20-day SMA is above the 50-day SMA and the 50-day SMA is above the 200-day SMA. Price could possibly pull back to the upper trendline of the long-term bearish channel where it would likely find support before continuing to advance. If price can get above 55.75, then its next target would be 61.00. If price can get above 61.00, then it could continue to rise. On the other hand, if price falls below 49.75, it would be a bearish signal that could send price back to 46.75. If price is not able to find support at 46.75, then price could fall further.     



Source: GAIN Capital, TradingView

StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.


This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.


The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company incorporated in England and Wales with UK Companies House number 05616586 and with its registered office at 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority in the UK, with FCA Register Number: 446717.

FOREX.com is a trademark of StoneX Financial Ltd. This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy. FOREX.com products and services are not intended for Belgium residents.

© FOREX.COM 2024