The drop extends last week's ugly breakdown that took out the lower band of a five-week bull channel. The bottoming action that began in late March continues to deteriorate as this week begins.
It's very likely that the nasty downtrend that has been in place since the beginning of 2015 has further to go. NTAP is in the process of putting in its sixth straight lower monthly high, and , as measured by its MACD , it is far form oversold.
It's likely the stock will soon retest i t s 2014 low near $33.50. This is a major support zone and may provide the footing needed for shares to mount a rebound.