NFLX: GAP FILL PLAY AND POTENTIAL CUP N HANDLENFLX has lost 76% from its November highs to its July lows.
Looking at the chart from a purely technical point of view, here is what I see:
- the stock has not retraced much of its down move. A 0.382 retrace would be at $366 and a 0.5 retrace would be at $428.
- There's a huge gap between $331 and $249/250. If we were to fill the gap, the target would be $331. To play the gap fill I' d wait for the price to break $250.
- A cup and handle is forming with a target between $331 and $366. However the pattern will only be confirmed should we break $250.
I'm neutral now, but I'm watching the stock closely. A break of $250 would trigger a long entry with a stop at 240.
Keep it on your watch list.
Trade safe.
Onwatch
Inverse Head and shoulder **On Watch**High float short, if breakout will result in quick run up to target.. not investment grade.
ON WATCHGolden Cross pending on hourly w/ + Momentum ready to begin on daily and MACD pointed up on 0 is an overall good technical indicator. Volume profile matches typical H&S.
AMCC breakoutif this can get above the 7.50's area and hold above it then we can get a nice breakout tomorrow.
BSPM going short!! *poop emoji*This one just spiked up today and it was just because the other Bio stocks ran, and we saw what the day after it ran last week. Going short on this tomorrow morning when it sets up