chasel1

NFLX Losing Momentum

NASDAQ:NFLX   NETFLIX INC
After gapping up on good news NFLX             put in a shooting star on increased volume . The MACD cross over and inability to put in a new high despite consolidating inside the Bollinger Bands could be a sign that all the buyers are in and there is a possible pullback coming. A break of the upper resistance line would be a no trade for me due to the previous reasons.

Possible short trades could be an entry when the RSI breaks 70 (if you are a more indicator based trader) or the break of the key support at ~552. However, the last time NFLX             had a large gap up and the MACD indicator showed slowing momentum it actually put in new highs before finally (and slowly) rolling over.

Any feedback and constructive criticism is welcome.

UPDATE - NFLX             never broke the trigger point and breached resistance. No trade.