Netflix Looks For Record Highs

0 1,015

Netflix prices progressed creating higher lows since the beginning of the year. The search for record-high prices continues after witnessing a false break of the upper regression. The stock has been in an upward trend with prices hovering above the Ichimoku cloud since April 13th.

The $578 pullback at the top of the regression channel was supported by the momentum indicator. However, since then we have seen a shift as a bullish divergence keeping prices inside the lower regression channel.

Currently, prices are engulfed in the cloud and are ranging between the Tenkan and Kijun lines. These combined factors could indicate further strength past $500 which is at 23.6% of the Fibonacci retracement of the 289.41 – 573.29 leg.

Another test at the recent high past the median regression could again face resistance. However, a bounce to the downside would still keep prices within the channel and above the cloud, hinting at further upside.

The short term intraday also looks at the uptrend in the long-term ascending channel. The bullish divergence remains supported with prices now entering the Ichimoku cloud. The fact that prices are also above the Tenkan and Kijun confluence level shows the current market remains bullish.

A test on the lower regression channel eyes a bounce towards 38.2% of the Fibonacci retracement. However, should we see exhaustion on momentum, then the focus will shift on a break in the channel and a move to previous lows towards $400.

Ready to start trading Stock CFDs? Choose from over 60 stocks available with zero commissions! 


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.