Get started
gingerheadtrader

$NFLX appears to be reversing off of established support

Long
Netflix, Inc. (NASDAQ:NFLX)  
gingerheadtrader Updated   
NASDAQ:NFLX   Netflix, Inc.
Trend Analysis Chart Patterns
6
4
trendanalysis chartpattern
Netflix's last earnings report definitely led to some insane price action, but the dust seems to be settling now. It looks like Netflix has found its way back down to its latest strong support zone, and in doing so, has formed a falling wedge. I entered this trade today with a stop @ $330, which I've identified as a zone that would break the current upward channel.
Comment:
RSI downtrend has been broken. NFLX is a full blown buy here in my book.
Comment:
I think its worth mentioning that with the VIX nearing its yearly low's, any position should be smaller than normal, or hedged.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.