I have recorded a review for Netflix (NFLX), a widely followed and highly participated stock of the NASDAQ. Hereunder is my video review:
The stock has still resistance in the 85.20 area which was retested with success on October the 31st, 2012 (we can see program trading selling into the stock that day, after reaching resistance). The fourth test, however, is leaking in. The stock had support and a sloppy long setup in the 63.50 area with targets at 79.20 and 87.40. We witnessed profit taking from the second target since yesterday.
If we consider the next traditional long and support that traded yesterday at 74.30 area, this stock could have targets above in the 90 and 91.30 area. Above 91.30 the resistance area starting at 85.20 would no longer exist and this stock could have the possibility to retrace all the way up to the 179 area.
If price moves lower before the 90 area is touched a good support for price would be the 81.15-20 area with a stop below 79.40. This support and long entry would have targets in the 91.30 and 96.60 areas.
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