As my follower @KingArthur904 requested, here are my insights about NFLX!
Well, we have an amazing bull trend here! What’s more, there’s nothing telling me that NFLX will go down. We have not a single bearish pattern here. I see NFLX at 546.45, and I’ll explain why soon.
But is there something that could make it correct? Yes. If NFLX loses the 525.12 I see it at the gap at 518.56.
Another possible danger is in the 4h chart. We are outside the Bollinger Bands, and the RSI is clearly overbought. This indicates euphoria, and usually, what follows euphoria is pullbacks.
If the bulls are strong enough, we’ll stop at 518, but we should be prepared for a possible pullback to the 511. Especially if the Nasdaq and other faangs drop as well. I don’t see NFLX reversing and becoming bearish, though, but I expect a pullback – despite the lack of confirmation. This could give us a buy chance, in my view, but it must do something good near the support level first!
Let’s just focus on the points mentioned in the 30min, as they will be our main guide for now.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.
Well, we have an amazing bull trend here! What’s more, there’s nothing telling me that NFLX will go down. We have not a single bearish pattern here. I see NFLX at 546.45, and I’ll explain why soon.
But is there something that could make it correct? Yes. If NFLX loses the 525.12 I see it at the gap at 518.56.
Another possible danger is in the 4h chart. We are outside the Bollinger Bands, and the RSI is clearly overbought. This indicates euphoria, and usually, what follows euphoria is pullbacks.
If the bulls are strong enough, we’ll stop at 518, but we should be prepared for a possible pullback to the 511. Especially if the Nasdaq and other faangs drop as well. I don’t see NFLX reversing and becoming bearish, though, but I expect a pullback – despite the lack of confirmation. This could give us a buy chance, in my view, but it must do something good near the support level first!
Let’s just focus on the points mentioned in the 30min, as they will be our main guide for now.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
See you soon,
Melissa.