Netflix: On the verge of a new aggressive bull run.
NFLX has made a Triple Bottom this week on 1D (RSI = 45.541). This calls for an immediate test of the 385 Resistance which is our short term TP.
There is however an interesting development on 1W as well. This Triple Bottom may provide the base for Netflix's new Bull Cycle as in mid March a Golden Cross took place (1DMA50 crossing above 1DMA200) and the price has been on hold to break out higher ever since. The recent trade war news is the reason for this delay and 1W has managed to withstand the pressure by staying neutral (RSI = 53.528, STOCH = 52.597, Highs/Lows = 0.0000).
This creates ideal conditions for a long term bullish break out similar to the last two Golden Crosses since 2014. In 2014 Netflix gained roughly +93% after the Golden Cross and until the next Death Cross (opposite). In 2016 it gained a striking +250%. It is obvious that the upside potential is much larger than the 385 short term target and can extend to 600 in a year's time.
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There is however an interesting development on 1W as well. This Triple Bottom may provide the base for Netflix's new Bull Cycle as in mid March a Golden Cross took place (1DMA50 crossing above 1DMA200) and the price has been on hold to break out higher ever since. The recent trade war news is the reason for this delay and 1W has managed to withstand the pressure by staying neutral (RSI = 53.528, STOCH = 52.597, Highs/Lows = 0.0000).
This creates ideal conditions for a long term bullish break out similar to the last two Golden Crosses since 2014. In 2014 Netflix gained roughly +93% after the Golden Cross and until the next Death Cross (opposite). In 2016 it gained a striking +250%. It is obvious that the upside potential is much larger than the 385 short term target and can extend to 600 in a year's time.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial