NETFLIX Last pull-back possible before $750
Netflix (NFLX) has been trading within a long-term Channel Up on the logarithmic scale for the past 20 months. The trend is very aggressive to the upside and since the first Bullish Leg made a Higher High on February 03 2022 on a +130.30% rise, we do expect a similar % rally that would technically target a little below $800, so aiming at $750 would be a fair price.
Until then however, the Channel Up structure suggests that the stock has entered the Volatility Phase which during the previous Bullish Leg took place right before the Peak. As a result, a last pull-back towards the 1D MA50 (blue trend-line) would also be fair. Technically it could seek the -0.236 Fibonacci extension ($550) from the Take-off Phase's High.
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Until then however, the Channel Up structure suggests that the stock has entered the Volatility Phase which during the previous Bullish Leg took place right before the Peak. As a result, a last pull-back towards the 1D MA50 (blue trend-line) would also be fair. Technically it could seek the -0.236 Fibonacci extension ($550) from the Take-off Phase's High.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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