Netflix Trying To Push Higher
You can see Netflix has made a pretty strong bounce off its recent low of 311. This was expected as the RSI was pretty oversold, and the NASDAQ has been performing well over the past couple of days. The best scenario for the bulls is to push past 357.18 to make a higher high on the daily time-frame. But I'm not sure if it has enough steam left to do this right now. Alternatively, the bulls would at least want to see a higher low form and then another push up. This could create something like and Inverse H&S Pattern, which is usually a bullish sign of reversal.
There is a fair amount of overhead resistance for Netflix to get past, and I personally don't think it's quite ready yet. It's very possible it has topped for the year and we could go into a full blown bear market for a pretty long time. If we cant reverse from here, I would be looking for the 200 Day MA to support us for a possible reversal point. A breakdown beyond this point will confirm to me that the bears have full control, and I would expect strong continuation to the downside. This could be as low as 200, but we will evaluate if it comes to that.
There is a fair amount of overhead resistance for Netflix to get past, and I personally don't think it's quite ready yet. It's very possible it has topped for the year and we could go into a full blown bear market for a pretty long time. If we cant reverse from here, I would be looking for the 200 Day MA to support us for a possible reversal point. A breakdown beyond this point will confirm to me that the bears have full control, and I would expect strong continuation to the downside. This could be as low as 200, but we will evaluate if it comes to that.
Note
Netflix had a strong finish this week, and it looks set to at least make a higher high on the daily. Lets see if we can get some more follow through into next week. Overall the NASDAQ looks strong and set to push up to ATHs, which should help in pushing up the rest of the tech sector
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