Remember this is a weekly chart so any trade ideas must allow time. I would look at June or July calls for a swing trade. RSI definitely will not stay down this low; same is true of many other charts.
Be patient - let the stock price come to your entry point. If this stock does not, another one will. Also be ready with a weekly watchlist for good day trade opportunities.
Be patient - let the stock price come to your entry point. If this stock does not, another one will. Also be ready with a weekly watchlist for good day trade opportunities.
Comment:
NFLX opened below 165 today and was rapidly bought up for a $14 rise. There is volume support on 5min chart around 169.80 - 169.50. I was watching price action 1:30-2pm EST and if price gets back over 170.30 it may continue. If you missed the morning entry this is a good time to do an end of day daytrade or buy swing calls (safer) with an exit below 169, 167.95.
Comment:
The stops I provided yesterday were "safety exits" if your position is too large or you are less confident in the trade idea. With the volatility, I can hold through a larger counter-trade move if I keep small positions.
My afternoon day trade calls yesterday gave about 39% profit. I bought swing calls when price was under 168 and will sell them today.
My afternoon day trade calls yesterday gave about 39% profit. I bought swing calls when price was under 168 and will sell them today.