Hi mates, sharing Daily chart of Netflix for a possible detailed analyis according to my observations, So as we can see on weekly chart that after making a all a time high of 700 levels in the November 2021 it made a low of 163 levels the May 2022 it was a cut of 76% from all time high levels at that time and after price created a base near to 170-190 levels and started it's journey in uptrend again.
So according to data above shared it halted it's reversal journey near to 372 levels where price took a strong resistance (marked on chart) and came down a bit near to 290 levels, And after when it broken that that 372 levels it gives a parabolic move in ascending channel marked on chart too and that breakout took price to 485 levels in the July 2023. And after break of that ascending channel support line price tried to go again in that channel but failed and in this process it made a double top on provided chart and after the break of neckline mentioned on chart it reached to near that 372 levels again now.
So my point is this that price currently it is trading near to 372 levels which can act as a support now prior it was resistance as mentioned in description above. If break and close below can check lower support target below, and if bounce we can see it can test mentioned neckline area again or above after the break of neckline which surely will act as resisatnce for now.
Will try to give proper updates if i will go for any executions in it.
Price can take 200 Ema support also
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
So according to data above shared it halted it's reversal journey near to 372 levels where price took a strong resistance (marked on chart) and came down a bit near to 290 levels, And after when it broken that that 372 levels it gives a parabolic move in ascending channel marked on chart too and that breakout took price to 485 levels in the July 2023. And after break of that ascending channel support line price tried to go again in that channel but failed and in this process it made a double top on provided chart and after the break of neckline mentioned on chart it reached to near that 372 levels again now.
So my point is this that price currently it is trading near to 372 levels which can act as a support now prior it was resistance as mentioned in description above. If break and close below can check lower support target below, and if bounce we can see it can test mentioned neckline area again or above after the break of neckline which surely will act as resisatnce for now.
Will try to give proper updates if i will go for any executions in it.
Price can take 200 Ema support also
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Comment:
Sharing levels on weekly chart too mates, 200 ema on daily and weekly showing no big differences in levels, Will watch very closely for a trade as mentioned in idea that price trading on a very crucial spot currently. Spotted one levels too till there price will not go in a downtrend on weekly time frame
Comment:
Price trying to break 200 Ema on daily chart i assume if it will break 200 Ema we can see a bounce from price support, Still waiting for a trade will update idea coordingly
Comment:
Price try to bounce from near to mention support area, some buyings seen after many sessions in it to near support. For long side trade will update idea again want to track it's movement for one more session too
Comment:
Seems that price bounced from near support, so marked a resistance for long if it will give a day close above will go for a long side trade in it, target also marked for this trade
Comment:
Price breaks fresh long marked resistance but did not able to close above
Comment:
Not able to break resistance which marked for fresh long after so much bullish momentum in markets in last session so still following the trade according above update, On more thing i want to share that it exactly bounced from mention support area mates shared in above update travelled 367 to 380 in single session from this we can learn the power of support and resistance
Comment:
Closed below mentioned support area let's see what it will do now, I assume that now it will take resistance from mentioned support if reached there for some retracements and will face selling pressure on that area friends and can do mentioned target after support break mates
Trade closed: target reached:
Target Update-:
Traget complete of 348 after support of 371 completed today, Closing this publication completely will publish a new one on it
Traget complete of 348 after support of 371 completed today, Closing this publication completely will publish a new one on it
