Netflix, Inc.Short
$NFLX Head and Shoulders Pattern (H&S)?
Updated
Back on July 31st I published an idea that NFLX may be breaking out. Well, it did for just a bit but that failed. Fast forward to today, 8/21/2023 and it looks to me that we “may” have an H&S Pattern with a clear neckline as I see it. It dropped below that line last Thursday and looks to be ready to test it from the underside. If it can get up, over and hold above that line the pattern would be negated. A lot depends on market direction. My bet this time is that it will test and fall back. I have an alert set on that line and I’ll be ready to short if it fails. It is also below all shorter-term moving averages, bearish. All TBD.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
NFLX may be breaking out. Well, it did for just a bit but that failed. Fast forward to today, 8/21/2023 and it looks to me that we “may” have an H&S Pattern with a clear neckline as I see it. It dropped below that line last Thursday and looks to be ready to test it from the underside. If it can get up, over and hold above that line the pattern would be negated. A lot depends on market direction. My bet this time is that it will test and fall back. I have an alert set on that line and I’ll be ready to short if it fails. It is also below all shorter-term moving averages, bearish. All TBD.Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
Trade active
Giving this a shot this morning on pullback. In @ 409 stop 412... 1/2 size. All I can do is manage risk now. I think I am early on the trade, we'll see.Trade closed: stop reached
As I mentioned above, I was too early on the trade. Stop reached back on the watchlist. I am open to taking this either short or long depending on how it and the market behaves.Order cancelled
Oppenheimer reiterates outperform rating and $515 price target. mostly on news that US subscriber rate is increasing mainly due to crackdown on sharing user passwords. This is now a LONG prospect.Note
I have not updated this since getting long a few days ago. I now have 120% position as tis morning on my 4th add. May add more over the resistance above, shoud it break thru. TBD.Note
NFLX captured the 50 day Simple MA yesterday and looks to be holding it so far today. I will move my stops now to a close below the 50 DMA. New entries might consider that area as a stop as well.Note
I have sold several tranches of this today and finally closed out the position with a nice gain. It's been up 5 days in a row and while I had a good entry I didn't want to give back any gains should the market pullback on Friday. Back on the watchlist. I'll look NFLX next week to see if I can get another good entry.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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