Gonna be watching Netflix very closely over the next week to see what direction it wants to go. Since the start of 2018 this thing has over doubled and we look pretty over extended. This latest run from the lows of 311 could easily be a bull trap. I'm expecting a pullback in the Indices to start this week, or possibly next week. With that in mind, Netflix could start to correct, retesting some important zones.
The daily candles hit a green 9, which usually leads to at least a 1-4 day correction. Upper Bolinger band has rejected price a few times, and we're hovering around the 50 day MA. Lets see if we can hold support above 357. If not then I don't see much stopping us reaching 327, and if that breaks, 311 will likely get taken out as well. From there I would expect some zig zagging down untill we find a reversal point, which could be as low as 200. This level would be a healthy point for Netflix to retrace to as it has previously shown to be a solid base. I would still be Bullish long term unless that level breaks down completely.
I will update if and when I decide to trade this.
**** This is not financial advice, purely educational. ****
The daily candles hit a green 9, which usually leads to at least a 1-4 day correction. Upper Bolinger band has rejected price a few times, and we're hovering around the 50 day MA. Lets see if we can hold support above 357. If not then I don't see much stopping us reaching 327, and if that breaks, 311 will likely get taken out as well. From there I would expect some zig zagging down untill we find a reversal point, which could be as low as 200. This level would be a healthy point for Netflix to retrace to as it has previously shown to be a solid base. I would still be Bullish long term unless that level breaks down completely.
I will update if and when I decide to trade this.
**** This is not financial advice, purely educational. ****
Trade active:
Entered a really small short position, looking to possibly add to it if we see a break to the downside.
Comment:
Red 2 trading below a red 1 on the daily sequential, added a little bit more to my short position.
Trade closed manually:
Closed this one a few days back for some small profits, Markets look like they are shifting. Still anticipating Netflix to have a bigger correction, just not quite yet.