NetApp (NTAP) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NTAP crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
NTAP has rallied 5.6% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests NTAP could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account NTAP's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch NTAP for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
NetApp, Inc. (NTAP) : Free Stock Analysis Report
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