jvilanova
Long

Netflix Stock (NFLX) Ascending Triangle Pattern Potential Breako

NASDAQ:NFLX   NETFLIX INC
The stock has been rising along a bullish uptrend since the middle of August. But so far technical resistance around $375 has not allowed the stock to advance further. The uptrend and the resistance level have created a bullish technical pattern known as an ascending triangle . Should the stock price rise above $375, as the pattern suggests, it would signal a technical breakout, resulting in the stock rising to $405, an increase of about 10% from its current price around $370.

Bullish momentum has been returning to the stock as measured by the relative strength index ( RSI ). That is because the relative strength index has been trending higher since the middle of August

For a break to be considered valid, it should be on a closing basis. Some traders apply a price (3% break) or time (sustained for 3 days) filter to confirm validity. The breakout should occur with an expansion in volume , especially on upside breakouts.
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