Support Pivot in Play for Netflix NFLX Here

Oct 20, 2017: 2:01 PM CST

Netflix (NFLX) shares continue the uptrend in motion and we just saw a sharp pullback to a key support level.

What’s the level and what’s the play from here? 

Netflix NFLX

Shares continue the sequence of higher highs and higher lows in the context of rising moving averages, all of which define uptrends.

The goal then is to buy pullbacks (retracements) to the rising moving averages, Fibonacci Levels (advanced), or trendlines.

The most recent pullback took us just beneath $180 per share at the rising 50 day EMA (blue) ahead of the power-surge to new highs above $200 per share.

Here we have a smaller pullback to the rising 20 day EMA (green) and an initial push up away from it unfolding right now.

Continue focusing on the rising moving averages and the “liquidation pocket” (sell swing) beneath the 20 day EMA which opens an alternate thesis pathway back toward the rising 50 day EMA near $185.

Stay safe!

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Corey Rosenbloom, CMT

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