Netflix stock analysis. What to expect.
Today I analyze 
NFLX stock price movements.
Here I use my box strategy combined with Fib retracement.
NFLX stock price is in a long-term rising trend channel.
However, it has been kept in a 465-575 range since June last year, hence the box formation.
There was an unseccessfull box breakout attempt in January 2021 where the price reversed to a long-term support level.
Shorter-term Fib retracement was drawn from the low on May 2021 bounce and up to this day.
Pivot points:
Now I believe the price is overextended.
I expect it to return to the 0.236 level at the very least.
If overall market situation is stable when that happens, I believe the stock will continue to grow higher.
Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.
NFLX stock price movements.Here I use my box strategy combined with Fib retracement.
NFLX stock price is in a long-term rising trend channel.However, it has been kept in a 465-575 range since June last year, hence the box formation.
There was an unseccessfull box breakout attempt in January 2021 where the price reversed to a long-term support level.
Shorter-term Fib retracement was drawn from the low on May 2021 bounce and up to this day.
Pivot points:
- 0.786 level acted as a solid support.
- 0.382 showed a proper resistence level.
- 0.236 level which matches supply level of the box at 575 was viciously broken.
Now I believe the price is overextended.
I expect it to return to the 0.236 level at the very least.
If overall market situation is stable when that happens, I believe the stock will continue to grow higher.
Trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
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