Netflix potential bullish opportunity
As I am writing this, Netflix is sitting at 978.15$.
From my analysis I predict a possible move to 1,080-1,100. This depends on two things.
1. Can we stay above 925-950? This range is the most recent high we have broken. If we drop below this the next target is 880$ which is around where we broke out from.
2. Do we have enough steam to break out above the 1,000$ range. Right now the volume is dwindling, which could be a build up of shorts in either direction. I imagine a lot of retail has entered into this after the breakout and have super tight stops. This could fuel us if we break up higher than 995 or sink us if we drop below 925.
The 1 hour moving average has not shown any divergence which tells me that this trend is still continuing.
We will see what happens as the time goes on.
From my analysis I predict a possible move to 1,080-1,100. This depends on two things.
1. Can we stay above 925-950? This range is the most recent high we have broken. If we drop below this the next target is 880$ which is around where we broke out from.
2. Do we have enough steam to break out above the 1,000$ range. Right now the volume is dwindling, which could be a build up of shorts in either direction. I imagine a lot of retail has entered into this after the breakout and have super tight stops. This could fuel us if we break up higher than 995 or sink us if we drop below 925.
The 1 hour moving average has not shown any divergence which tells me that this trend is still continuing.
We will see what happens as the time goes on.
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