Netflix's Bullish Trend Ending: Traders, Prepare for Downtrend!
Hi Realistic Traders. Here's my price action analysis on Netflix
In our close examination of NFLX, the streaming titan, a compelling narrative unfolds. Initially, a double-top pattern emerged between July 2020 and January 2022, followed by a significant breakout from the neckline. This breakout confirmed a bearish reversal, resulting in a remarkable 70% decline from its peak.
However, the plot deepens. NFLX recently revisited its double-top pattern's neckline while concurrently crafting a channel chart pattern. Adding to the intrigue, NFLX struggled to regain its former heights and descended below both the lower trendline and the dynamic support line, a classic sign of a sustained bearish trajectory.
Not to be overlooked, the Stochastic indicator chimed in with a bearish divergence, providing further validation for the impending downward movement.
Our target price? Set conservatively at under $300.
Traders, prepare for a captivating journey ahead!
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
NFLX
."
In our close examination of NFLX, the streaming titan, a compelling narrative unfolds. Initially, a double-top pattern emerged between July 2020 and January 2022, followed by a significant breakout from the neckline. This breakout confirmed a bearish reversal, resulting in a remarkable 70% decline from its peak.
However, the plot deepens. NFLX recently revisited its double-top pattern's neckline while concurrently crafting a channel chart pattern. Adding to the intrigue, NFLX struggled to regain its former heights and descended below both the lower trendline and the dynamic support line, a classic sign of a sustained bearish trajectory.
Not to be overlooked, the Stochastic indicator chimed in with a bearish divergence, providing further validation for the impending downward movement.
Our target price? Set conservatively at under $300.
Traders, prepare for a captivating journey ahead!
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
NFLX
."
Comment:
With the confirmed breakout of the channel pattern, NFLX may go downward to the target area 1 :D
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