Netflix, Inc.Long
$NFLX Recovery Part 2
We broke out of the descending wedge and are back into the broadening descending wedge , both are of which are bullish patterns.
With the rise we've seen in the past few days we're starting to see an ascending triangle pattern with resistance at 412, 461, and 569. If support holds, here are when we should hit our PTs, assuming support holds and the market continues to recover.
3/7: 412
3/18: 461
4/14: 569
'
We may encounter resistance at the top of the broadening descending wedge but if resistance turned support at 461 holds then we'll stay in the channel. and then spend April filling the gap at 508 and 569 may be hit several months later. Keep in mind the channel between 461 and 569 is where we consolidated in the 2020-2021 cycle so we may see a repeat of that later in the year.
With the rise we've seen in the past few days we're starting to see an ascending triangle pattern with resistance at 412, 461, and 569. If support holds, here are when we should hit our PTs, assuming support holds and the market continues to recover.
3/7: 412
3/18: 461
4/14: 569
'
We may encounter resistance at the top of the broadening descending wedge but if resistance turned support at 461 holds then we'll stay in the channel. and then spend April filling the gap at 508 and 569 may be hit several months later. Keep in mind the channel between 461 and 569 is where we consolidated in the 2020-2021 cycle so we may see a repeat of that later in the year.
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