Critical Swing Trader Support Test in Netflix NFLX Here
Netflix (NFLX) gives aggressive traders a chance to play a triple-support price level now.
Let’s pinpoint this confluence and plan the “departure” trade from this critical pivot:
We’re seeing three factors overlap as probable support just beneath $170.00:
- The 50% Fibonacci Retracement
- The 50 day Exponential Moving Average (EMA)
- and the Prior Price High from June 2017
I highlighted this event to members in our “Swing Trade Section” of our Daily Strategy.
Today, we’re seeing an initial bullish bounce along with the market.
For now, watch $167 and the $170 zone as critical support, playing the bullish departure “up away from it” with a confirmation breakout above $175.00.
However, the bearish ‘breakdown’ thesis triggers beneath $165.00 and especially $162.00.
Place your stops and plan your short-term trade(s) with these levels in mind.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”