timwest

NFLX basing pattern continues - comments

NASDAQ:NFLX   Netflix, Inc
0
Note how NFLX held the support line drawn on the chart. This is constructive. Note the green boxes where I highlight the daily range and add another green box to highlight the most frequent zones where you may have filled your orders had you followed the advice to enter over 5 days. I believe it makes sense to raise the stop to 65 from 61, but given that this trade sets up for a period of another 6-8 weeks, we may not want to put our stop too close. Risking 12% to make 20%-30% is fine enough. If I lower the risk to 6%-7%, then we may get stopped out of a solid chance to earn the return. I like how NFLX is acting relative to the overall market in the last five days. Technical Tim, 10:14AM EST Friday, Dec 9, 2011

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