I'll be honest, I shorted Netflix as this looks like a textbook hyperwave to me. But the earnings report was so good, and investors are clearly overwhelmingly bullish.
When I was looking at the graph right now, I said to myself.... "Cup and handle"? So it's funny to see your recent TA that is drawing the same conclusion. I would be VERY surprised to see this break (well) above 360, and if we go above 380 it will trigger my stop loss on my short position. The technicals here in the long term are SO bearish I can't believe this is holding on, and honestly, I don't know what will happen at this point.
thinkless
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Just keep in mind, for a cup and handle to play out here, that would suggest a $126 gain, as the pattern generally results in an uptrend that rises the height of the cup. This would put NFLX at new all time highs.Can also look at this as a rising triangle! Which would put a ~$40 gain up to retest $400
When I was looking at the graph right now, I said to myself.... "Cup and handle"? So it's funny to see your recent TA that is drawing the same conclusion. I would be VERY surprised to see this break (well) above 360, and if we go above 380 it will trigger my stop loss on my short position. The technicals here in the long term are SO bearish I can't believe this is holding on, and honestly, I don't know what will happen at this point.