Why is Netflix going to reach almost $700?
Good morning traders, today we bring you our analysis on Netflix, since we consider that it has a great upward potential and is a good investment opportunity.
Based on what the behavior shows us in the chart, we can obtain some conclusions:
🔸For many years this stock has been bullish, so we will base exclusively on the behavior of this year.
🔸From the beginning of this year to the ATH, the price had an approximate 100% increase.
🔸Of course, in the midst of the uptrend, as expected, there were corrections of between 15 and 30%.
🔸The remarkable thing about these situations is that, after correcting, the subsequent rise generated new highs.
🔸Right now we are facing a similar scenario, but with a bigger correction.
🔸It is a clear corrective flag pattern, with a duration of almost four months.
🔸The $ 60 zone was impenetrable, and each time the price faced it generated a bullish bounce.
🔸It is now heading towards the upper zone of the range, where we are expecting a bullish breakout.
🔸In the event of a break in the corrective structure, we estimate a minimum target of 20% to the upside, since it is the cloning of the broken range, which takes the price to almost $700.
Based on what the behavior shows us in the chart, we can obtain some conclusions:
🔸For many years this stock has been bullish, so we will base exclusively on the behavior of this year.
🔸From the beginning of this year to the ATH, the price had an approximate 100% increase.
🔸Of course, in the midst of the uptrend, as expected, there were corrections of between 15 and 30%.
🔸The remarkable thing about these situations is that, after correcting, the subsequent rise generated new highs.
🔸Right now we are facing a similar scenario, but with a bigger correction.
🔸It is a clear corrective flag pattern, with a duration of almost four months.
🔸The $ 60 zone was impenetrable, and each time the price faced it generated a bullish bounce.
🔸It is now heading towards the upper zone of the range, where we are expecting a bullish breakout.
🔸In the event of a break in the corrective structure, we estimate a minimum target of 20% to the upside, since it is the cloning of the broken range, which takes the price to almost $700.
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