If you wanted to take a long or short position in Netflix stock you are in a perfect place right now. As you can see on the chart above there are 2 very good trendlines that hold Netflix stock for a couple of months.
Now that we are trading at below support line it is important to point out that we could go either way from this range! Up big and down big. I am seeing $30 - 40 up or down potential from now on.
Today we tried to move up by finding support from the trendline but because FED chair Powell will testify tomorrow investors are preparing for more hawkish and the entire stock market closed lower. Powell will testify before congress tomorrow at 10 EST and will give his perspective on how interest rates will be in the future!
If he signals more interest hikes we will go down and finally break this support line, next support level is at $280. If Powell gives an optimistic view of inflation and interest rate support line surely hold and we might retest that high near future.
Now that we are trading at below support line it is important to point out that we could go either way from this range! Up big and down big. I am seeing $30 - 40 up or down potential from now on.
Today we tried to move up by finding support from the trendline but because FED chair Powell will testify tomorrow investors are preparing for more hawkish and the entire stock market closed lower. Powell will testify before congress tomorrow at 10 EST and will give his perspective on how interest rates will be in the future!
If he signals more interest hikes we will go down and finally break this support line, next support level is at $280. If Powell gives an optimistic view of inflation and interest rate support line surely hold and we might retest that high near future.
Comment:
FED chair Powell indicated more interest hikes will happen! Short Netflix, potential support level is at $280.
Comment:
Because there was no new statement added from the FED market is starting to rally! Everyone knew that it was all about market data and now that we have listened to his statement and he answered questions there is nothing to anticipate. if we close higher today the potential of closing green for the rest of the week will be higher!