Netflix resistance and channels
I'm seeing a few things on Netflix here:
1) there is a long-term support trend currently sitting in the 330's going back to 2019 and 2020 lows
2) some resistance in the ~385 range and again at ~425 from 2019 highs. Now this is coinciding with the 50 day MA which is currently at 382. Closing above the 50 day on some strong volume would be a good sign for me.
3) the current uptrend is pretty steep, probably not sustainable unless we get a gap up on some news
4) I'd like to see it retake the upper channel in the 520 range
5) There will be a reckoning with 100 and 200 day MA on the way
I'm long term bullish on the company but this chart isn't pretty right now. Watching to see if it breaks above 400 or retraces down to <340 again. I'm averaged in at 352.
I'm not a professional trader, this is not investment advice, do your own due diligence.
1) there is a long-term support trend currently sitting in the 330's going back to 2019 and 2020 lows
2) some resistance in the ~385 range and again at ~425 from 2019 highs. Now this is coinciding with the 50 day MA which is currently at 382. Closing above the 50 day on some strong volume would be a good sign for me.
3) the current uptrend is pretty steep, probably not sustainable unless we get a gap up on some news
4) I'd like to see it retake the upper channel in the 520 range
5) There will be a reckoning with 100 and 200 day MA on the way
I'm long term bullish on the company but this chart isn't pretty right now. Watching to see if it breaks above 400 or retraces down to <340 again. I'm averaged in at 352.
I'm not a professional trader, this is not investment advice, do your own due diligence.
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