Hello everyone. I wanted to take a look both long and short term on Netflix. Since it seems to be down like 33% selling pressure is very large, so we need to keep in mine the bearish sentiment, but can not rule out the bulls either so that's what I am here to look at and investigate.
This week I see some things playing out. It would be hard to trade these moves, as either could happen but we need to look at the charts to make an opinion. So lets take this chart step by step and let me tell you what i believe is going on.
I am bearish currently short term. Just a few reasons for this!
1st the closing candle for today is a bearish shooting star candle.
2nd the two indicators I have on the bottom the W%R and the Stoch Rsi showing short term over bought conditions. A correction is likely coming.
3rd, the 28 EMA (4h chart) moving average has been resistance for a while, and we are only 1.5% away from it, so we would need to break it for me to go more bullish.
the bullish signs I see are mostly long term, like on the month and weekly chart. The white and red lines near the $250 is where I would put a buy order in, or long Netflix. The only other support I can see is $264
That said if Netflix goes above the 28 EMA (4h chart) I would start selling at $278 because the price will drop back down either to $264 or even lower at $250, depending on how the chart plays out. I would probably get Netflix at 250 rather than 264.
This is my thoughts on the next week or 2 for Netflix. Will be updating charts as we move along.
If you have questions please let me know @Keifer_Coggin
please don't invest more than you can afford to lose, also I am NOT a financial adviser..yet ;)
This week I see some things playing out. It would be hard to trade these moves, as either could happen but we need to look at the charts to make an opinion. So lets take this chart step by step and let me tell you what i believe is going on.
I am bearish currently short term. Just a few reasons for this!
1st the closing candle for today is a bearish shooting star candle.
2nd the two indicators I have on the bottom the W%R and the Stoch Rsi showing short term over bought conditions. A correction is likely coming.
3rd, the 28 EMA (4h chart) moving average has been resistance for a while, and we are only 1.5% away from it, so we would need to break it for me to go more bullish.
the bullish signs I see are mostly long term, like on the month and weekly chart. The white and red lines near the $250 is where I would put a buy order in, or long Netflix. The only other support I can see is $264
That said if Netflix goes above the 28 EMA (4h chart) I would start selling at $278 because the price will drop back down either to $264 or even lower at $250, depending on how the chart plays out. I would probably get Netflix at 250 rather than 264.
This is my thoughts on the next week or 2 for Netflix. Will be updating charts as we move along.
If you have questions please let me know @Keifer_Coggin
please don't invest more than you can afford to lose, also I am NOT a financial adviser..yet ;)