Netflix stock (NASDAQ:NFLX) is currently in a short-term uptrend and price needs to fulfil a certain condition, as stated below, to establish its bullishness. It may be challenging to surmount the recent high, but it is a possibility.
Price is currently between the upper and lower Trendlines and the RSI
period 14 is close to the level 60, which means the buying pressure is rising.
It is expected that price will soon go above the upper Trendline, generating a
brand new bullish signal.
As the condition above is fulfilled, NFLX will move towards the supply
levels of 580.00, 590.00 and 600.00 this year.
The market would first surmount the previous high before going further
upwards.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Technical Analysis
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