It seems with Netflix, the tech sell-off is not yet over.
After breaking the most recent sharp trend starting early April, we finally have a break of the trend line CONFIRMED by a bearish convergence.
I expect a minor push to up to the 2 red lines (38.2 and 50 of the convergence) before the down trend begins. However, bulls might not have enough buying pressure and the sell off may just continue down. The first target
After breaking the most recent sharp trend starting early April, we finally have a break of the trend line CONFIRMED by a bearish convergence.
I expect a minor push to up to the 2 red lines (38.2 and 50 of the convergence) before the down trend begins. However, bulls might not have enough buying pressure and the sell off may just continue down. The first target
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being around $137, a key support level and the 38.2% retracement of a year long uptrend
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However, with Netflix being such a hot stock in recent months, if both of red convergence retracements are broken and bulls push ABOVE the most recent high, the convergence is invalid and shorts should be abandoned.
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It seems NFLX is going according to our plan. It did not pick up enough strength to push out of this bearish convergence, and since it hit a retrace, we could be heading down to the upper $130's. CHEERS
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UPDATE;
NFLX was going exact to plan. However a bullish technology boom has given the bulls some power and didn't let it fully drop. NFLX has still not broken the convergence top to invalidate the lows of 137-142 a share, so be wary.
NFLX was going exact to plan. However a bullish technology boom has given the bulls some power and didn't let it fully drop. NFLX has still not broken the convergence top to invalidate the lows of 137-142 a share, so be wary.
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NFLX has broken (with a gap) its bearish CONVERGENCE, making it INVALID.
thats the end- for now
thats the end- for now
Order cancelled