NetApp Inc shows bullish candlestick in larger timeframeNASDAQ:NTAP price action shows bullish candlestick pattern in the Monthly Chart. As well as in Weekly chart, it shows steady rejection and showing a sideways consolidating trend.
Lets analyze first weekly timeframe:
We can see during April'25 (Tariff Trauma weeks) the price made a low of $74, breaching down the $80 mark.
But within one week it again regains back the strong, historical demand zone of $80 and continue it's upsurge towards $100. It made a recent weekly high of $102.
Last 3 weeks was a consolidating around $97 to $100 level, keep on honouring the support of $97.
Last week, during timid FY24-25 Q4 earnings, we can see it falls back to $94. And seen a rejection there during last trading session of Friday, 05/30 and close the week with a Dragronfly dozi candlestick pattern (albeit the body color is red). Still the bottom rejection wick and holding back $97 is a sign of 'don't give up so easily'.
Whereas in monthly timeframe, it shows absolute bullishness:
The April month candle was a book-perfect Dragronfly doji.
This May month candle is a super bullish (sort of) Marubozu candle, even the low is above the last monthly close.
It's indicates a confirmative bullishness in monthly
Verdict:
This NASDAQ:NTAP counter is expected to be sideways-to-bullish in coming weeks.
Immediate Support levels are: $97, $89 (200 WSMA), $80.
There is no reason of it getting close below $80. That's becomes the new normal Low of the counter.
It's going through a typical consolidation and distribution phase for gathering new energy to resume it's upmoving in coming medium terms.
Stay Invested or Keep on accumulating , specially on every dips.
