Hello Everyone,
Today, I've spotted a very compelling signal to short on Netflix (NFLX). I previously mentioned that this stock was likely to decline, and now it appears that it could continue falling for three reasons:
1) The market Broke the Trendline with significant Volume.
2) Right after the break, the market retraced to the trendline, which we call a 'PULLBACK,' and then continued its downward movement with significant momentum.
3) What encourages me the most to set a target of $316 is the Fibonacci extension levels. These levels are reasonable, as you can see on the chart, and the 1.618 level is an optimal target to consider for taking profits.
I hope you've enjoyed reading my analysis of Netflix stock. If you find my insights beneficial, please hit the like and follow buttons for more ideas.
Today, I've spotted a very compelling signal to short on Netflix (NFLX). I previously mentioned that this stock was likely to decline, and now it appears that it could continue falling for three reasons:
1) The market Broke the Trendline with significant Volume.
2) Right after the break, the market retraced to the trendline, which we call a 'PULLBACK,' and then continued its downward movement with significant momentum.
3) What encourages me the most to set a target of $316 is the Fibonacci extension levels. These levels are reasonable, as you can see on the chart, and the 1.618 level is an optimal target to consider for taking profits.
I hope you've enjoyed reading my analysis of Netflix stock. If you find my insights beneficial, please hit the like and follow buttons for more ideas.