My technical analysis for NFLX and why I am Bearish on the stock
My thought process/indicators:
1. NFLX has been in a downtrend since DEC/2021
2. Price is rejecting the Parallel Channel
3. TMA-RSI indicator is showing potential divergence
4. Weak support zone at 168.05$
My trading goal (R:S=2)
1. Wait for the price to break below "Consolidation" and ''Support."
2. Wait for closing 4hr candle before shorting
3. Set stop loss at: Consolidation zone ($185)
4. Set Profit target 1: $133
5. Set Profit target 2: $179
As allways, I am open to suggestions and comments, let me know what you think
Cheers and happy trading!
My thought process/indicators:
1. NFLX has been in a downtrend since DEC/2021
2. Price is rejecting the Parallel Channel
3. TMA-RSI indicator is showing potential divergence
4. Weak support zone at 168.05$
My trading goal (R:S=2)
1. Wait for the price to break below "Consolidation" and ''Support."
2. Wait for closing 4hr candle before shorting
3. Set stop loss at: Consolidation zone ($185)
4. Set Profit target 1: $133
5. Set Profit target 2: $179
As allways, I am open to suggestions and comments, let me know what you think
Cheers and happy trading!