NetApp WCA - Symmetrical Triangle
Company: NetApp Inc.
Ticker: NTAP
Exchange: NASDAQ
Sector: Technology
Introduction:
Welcome to today's technical analysis. Our focus is on NetApp Inc. (NTAP), a major player in the Technology sector, listed on the NASDAQ. The weekly chart is currently exhibiting a Symmetrical Triangle pattern, suggesting a possible bottom reversal.
Symmetrical Triangle Pattern:
A Symmetrical Triangle pattern, typically seen during periods of consolidation, can signal a potential reversal or continuation of the current trend. It's characterized by a series of lower highs and higher lows, implying that the market is indecisive.
Analysis:
Previously, NetApp was in a clear downward trend. However, we've noticed a symmetrical triangle pattern in the consolidation phase, which seems to act as a bottom reversal. This triangle has three touch points on both the lower and upper diagonal boundaries.
In a bullish turn of events, the price has broken above the 200 EMA with a weekly candle, which reinforces the significance of the breakout. Consequently, this setup might present an immediate long entry opportunity.
The price target, should the breakout hold, is set at $90, indicating a potential upside of approximately 34% from the level of the breakout.
Conclusion:
NetApp's weekly chart reveals an intriguing setup in the form of a symmetrical triangle breakout, suggesting a potential bottom reversal. This setup could present a profitable long trading opportunity.
As always, this analysis should be used as a part of your overall market research and risk management strategy, and not as direct trading advice.
If you found this analysis valuable, please consider liking, sharing, and following for more updates. Wishing you profitable trading!
Best regards,
Karim Subhieh
Ticker: NTAP
Exchange: NASDAQ
Sector: Technology
Introduction:
Welcome to today's technical analysis. Our focus is on NetApp Inc. (NTAP), a major player in the Technology sector, listed on the NASDAQ. The weekly chart is currently exhibiting a Symmetrical Triangle pattern, suggesting a possible bottom reversal.
Symmetrical Triangle Pattern:
A Symmetrical Triangle pattern, typically seen during periods of consolidation, can signal a potential reversal or continuation of the current trend. It's characterized by a series of lower highs and higher lows, implying that the market is indecisive.
Analysis:
Previously, NetApp was in a clear downward trend. However, we've noticed a symmetrical triangle pattern in the consolidation phase, which seems to act as a bottom reversal. This triangle has three touch points on both the lower and upper diagonal boundaries.
In a bullish turn of events, the price has broken above the 200 EMA with a weekly candle, which reinforces the significance of the breakout. Consequently, this setup might present an immediate long entry opportunity.
The price target, should the breakout hold, is set at $90, indicating a potential upside of approximately 34% from the level of the breakout.
Conclusion:
NetApp's weekly chart reveals an intriguing setup in the form of a symmetrical triangle breakout, suggesting a potential bottom reversal. This setup could present a profitable long trading opportunity.
As always, this analysis should be used as a part of your overall market research and risk management strategy, and not as direct trading advice.
If you found this analysis valuable, please consider liking, sharing, and following for more updates. Wishing you profitable trading!
Best regards,
Karim Subhieh
KSC
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