A Successful Bullish Triangle Breakout Victory Lap for Netflix NFLX

Oct 19, 2016: 12:18 PM CST

As a trader, we need to celebrate those moments where things actually work as expected.

It’s even better when the expected outcome happens on such a popular stock like Netflix (NFLX).

Let’s chart the original triangle and follow the footsteps of price into this week’s bullish breakout surge:

First, take a moment to review my prior post on Netflix AHEAD OF the recent bullish surge.

The post is entitled “Netflix NFLX Bullishly Breaks out of its Triangle.”

“As long as price remains above $100.00 per share, we’ll expect it to continue trading higher in a new short-term bullish phase.”

“The general consensus – from the pattern and higher timeframe UPTREND (which remains in play) – is that price should continue higher.”

It certainly did!

The first target of $110 was achieved on the initial break and gap event.

The next $120 target – simply stated – was achieved today.

Finally, the pattern projection takes price up toward the prior high just above $130.

Compare the weekly chart in the prior post with today’s update and see how additional bullish action is likely:

Stronger bullish volume confirms the breakout into the “Open Air” price pathway above $100.

Again, the prior highs extend toward $125 to $130 which is the upside break-away target.

If you missed this opportunity, study the lessons from the simple triangle in an ongoing uptrend.

A similar pattern and trading opportunity will develop again that you’ll be able to trade.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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1 Comment

One Response to “A Successful Bullish Triangle Breakout Victory Lap for Netflix NFLX”

  1. Ethan Says:

    It’s so good when such things go right and it’s really a great victory in all sort of way. I mostly follow this blog and it’s so handy with everything with working out everything while this is obviously free too. I am getting similar help and support from OctaFX broker which too is one of the best companies in the world having small spreads from 0.1 pips to high leverage up to 1.500 plus a lot more to help with working.