- I am starting this analysis with some bias. I feel this company is in much better place than the price suggests right now.
- Weekly chart is showing nice accumulation off of 60. Key pivot is still around 68. the longer price stays below, stronger the coil.
- I want price to keep pushing to 68 first, then base there a little before shooting off.
- I see this as a NETFLIX play. Great company being undervalued in the tough macro environment.
- Disclosure: No position yet. No trigger for long yet...just a hunch based on volume near key price levels.
Trade active:
Broken charts take time to heal. drop in the supply zone is not a good look, but as long as 58 holds, still can recover if it stays above 58. Below 58, 54 is possible. Likely to fade below to another low.
Disclosure: I started half position today. Depending on how it acts next few days, I will either trim of add.
Disclosure: I started half position today. Depending on how it acts next few days, I will either trim of add.
Trade active:
Working as expected. Now another test and hold of 58.5 or gap up to 63 and hold of 60 should provide that hook at 60. With some financial names reporting next week, could be an interesting trade. Still keeping half position.