Netflix, Inc.Short
Watching for a likely move lower
Updated
For now I see a greater technical indication that NFLX turned down from 185.70 and may break the wedge support line to move lower. I am looking at 170, then lower, for downside targets. On stochastic, the 3-candle rejection at horizontal line (June 5-6) also created a %K sell warning (sharp move from +80 to -20).
On the daily chart, price has been sideways and now price and 20sma have caught up to the 50ma. Price will soon make a move one way or another.
On the daily chart, price has been sideways and now price and 20sma have caught up to the 50ma. Price will soon make a move one way or another.
Note
It is difficult to learn to pivot trade ideas based on chart data. I was expecting this to drop lower based on yesterday's price action, however today's first hour presented a nice bullish trade idea. One of the hardest thing for traders to learn is the "mental pivot" - it requires a rules/data focus and firm decision-making to see that one trade idea is no longer valid but another (often in the opposite direction) can make a great trade.
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