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Netapp

NetApp Stock Jumps Over 24% After Solid Quarterly Earnings NetApp's ( NASDAQ:NTAP ) shares surged over 24% in premarket trading on Friday, following the announcement of its quarterly earnings report that exceeded analysts' expectations. The cloud storage firm raised its full-year fiscal 2024 outlook and stated that it foresees continued strength in its all-flash products and marketplace services. NetApp's ( NASDAQ:NTAP ) Hybrid Cloud segment witnessed a 6% increase in revenue from the previous year, primarily driven by the company's recently introduced all-flash products, which accounted for 60% of the unit's sales during the quarter. The company's cloud storage solutions also saw good momentum in artificial intelligence (AI) during the quarter, with "several large Nvidia ( NASDAQ:NVDA ) SuperPOD and BasePOD deployments." NetApp CEO George Kurian said, "Our modern approach to unified data storage, spanning all-flash and cloud environments, is clearly resonating with customers." Looking ahead, NetApp ( NASDAQ:NTAP ) lifted its full-year fiscal 2024 adjusted earnings guidance to between $6.40 and $6.50 per share, up from its prior forecast of $6.05 to $6.25 a share, and raised its revenue outlook for the period to between $6.185 billion and $6.335 billion. Additionally, the company reiterated its outlook for the fiscal fourth quarter, projecting adjusted earnings of between $1.73 and $1.83 per share and revenue of $1.585 billion to $1.735 billion. NetApp's CFO, Mike Berry, said, "We expect to see continued strength in all-flash products and hyperscaler first party and marketplace services" in the coming quarters. After making several legs higher, NetApp's ( NASDAQ:NTAP ) share price has coiled within a pennant since early December. This chart pattern typically indicates a continuation of the prevailing trend. Upon an earnings-driven breakout above the pennant, look for a potential measured move up to around $110. NetApp's shares were up 17.3% at $104.50 about 90 minutes before Friday's opening bell.
NASDAQ:NTAPLong
by DEXWireNews
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
NASDAQ:NTAPLong
by KarimSubhieh
NTAP has begun the algorithmic projected declineBased on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on September 1, 2021 with a closing price of 89.32. If this instance is successful, that means the stock should decline to at least 87.96 which is the top of the larger green box. Three-quarters of all successful signals have the stock decline 5.667% from the signal closing price. This percentage is the top of the smaller green box. Half of all successful signals have the stock decline 11.224% which is the end point of the black dotted arrow. One-quarter of all successful signals have the stock decline 14.18% from the signal closing price which is the bottom of the smaller green box. The maximum decline on record would see a move to the bottom of the larger green box. These are the same concepts for the levels in the red boxes as well. The ends/vertical sides of the boxes are determined in a similar fashion. The trough of the decline can occur as soon as the next trading bar after signal close, while the max decline occurs within the limit of study at 35 trading bars after the signal. A 1% decline must occur over the next 35 trading bars in order to be considered a success. Three-quarters of successful movement occur after at least 7 trading bars; half occur within 19 trading bars, and one-quarter require at least 31 trading bars. The black dotted arrow represents median historical movement. Medians are a good metric, but they are just one of many I use when forecasting future movement. Currently the stock moved up two bars after signal which is the median reversal point. The stock could be on the decline toward the smaller green box already.
NASDAQ:NTAPShort
by StockSignaler
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.
NASDAQ:NTAP
by MarthaStokesCMT-TechniTrader