NFLX
stock has formed a bullish ascending triangle pattern over the last few months. The relative strength index is a bit overbought at about 60, and the moving average convergence divergence (MACD) has trended sideways. These indicators suggest that the stock has room to break out on the upside, but there has been a lack of strong momentum and volume over the past few months following the breakout in at the start of the year.
We should watch for a breakout from the ascending triangle's upper trendline and first resistance at around 335.00 level toward second resistance at 375.00 level. If the stock breaks down from lower support at around 330.00 level, traders could see a move to lower support at around 310.00 level or a move down to retest reaction lows near support at around 275.00 level, although the bearish scenario seems less likely to occur.
Please share your thoughts or tap like button if you like my idea!
We should watch for a breakout from the ascending triangle's upper trendline and first resistance at around 335.00 level toward second resistance at 375.00 level. If the stock breaks down from lower support at around 330.00 level, traders could see a move to lower support at around 310.00 level or a move down to retest reaction lows near support at around 275.00 level, although the bearish scenario seems less likely to occur.
Please share your thoughts or tap like button if you like my idea!
Trade active:
The call was right, price started to break out. Opening a trade, aiming to next resistance.
Comment:
Closing half of position with 5.3% gain and adjusting stop loss to break even point. Trade is risk free and looking forward to more gains with the rest of position.
Trade closed: target reached
Trade closed: stop reached:
Second part of position was closed due to stop being reached, SL was adjusted to break even point so trade was risk free. Risk management is very important!
Longterm NFLX is still a buy in my opinion, I am holding it.