NFLX is nearing a breakout

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NFLX is getting ready to breakout again after a brief consolidation over the past week. I’m seeing the breakout level at around 125.50 on a break above the descending trend line on the chart above. Support can be seen around 121.75 also drawn on the chart above. This support level corresponds with recent lows as well as the 10ema.

After gapping up on earnings in mid-October, NFLX has spent the past 2 months consolidating. It pulled all the way back to the 50dma in mid-November and has since rallied off this level.

An early entry point was highlighted in the beginning of December when NFLX bounced off the 50dma the 2nd time.
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