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christianmartin4746
Nov 14, 2021 10:56 PM

NFLX setting up for $700? 

Netflix, Inc.NASDAQ

Description

NFLX is in a strong uptrend after trying to fall through the channel, it went up to resistance the end of the day November 12th and slight rejection. NFLX could be looking to go up to the top of channel but shorter timeframes show there might need to be a support level it needs to hit first.

NFLX broke its uptrend line (one hour chart) and the indicators show potential bearish momentum. The dotted red and solid purple trend line will serve as potential support levels. If NFLX breaks $687 then it could be heading up to $700. Would not be surprise to see a rejection at the $687 resistance level.

Comment

NFLX started to enter a squeeze at the channel's midline, would not be surprised see a profit taking and regroup at the bottom of the channel
Comments
investorfromdetroit
I have Netflix hitting that $700 - $715 level soon
christianmartin4746
@investorfromdetroit, I have $716 as my price target, but it does have the potential to go higher, maybe $724
investorfromdetroit
@christianmartin4746, thats a good range for it. I made some nice bread today with the $710 call right out the gate
christianmartin4746
@investorfromdetroit, Should've bought some puts and would have really been paid
investorfromdetroit
@christianmartin4746, I made a 135% return in 2 minutes, im good with the call.
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