Netflix Holds a Tight PullbackNetflix rallied sharply between mid-October and late November. Now, after a pullback, some traders may expect further upside.
The first pattern on today’s chart is the September closing high of $448.68. NFLX held that level last week. Has old resistance become new support?
Second, the price area matches a 50 percent retracement of the trendline breakout that followed our last idea on October 31 .
Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. That may suggest the short-term trend is pointing higher.
Finally, stochastics are rebounding from an oversold condition.
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