MichaelGLamothe

NFLX getting ready to breakout again

NASDAQ:NFLX   NETFLIX INC
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After reporting earnings back on 1/18, NFLX has spent the past few weeks consolidating on low volume . The price action has been tight and constructive which has allowed the slower moving averages (such as the 21ema) to play catch up.

The 21ema is now supporting the 137.03 low made on 1/24/17. I'd use 137 or just below it as my level to play against and look for a breakout above 142.50 for a continuation of this move higher.

Also of note, The RS line on both the daily and weekly charts is hitting highs, showing the outperformance of NFLX . The market has been choppy recently and NFLX has been a leader.

IBD has the leisure industry group to which NFLX belongs ranked 41 out of 197. This is secondary to me but worth noting. If the group is doing well, its another positive for NFLX .
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