Netflix Blue Sky Breakout| S/R Flip| Fibonacci Targets

1 мая 2020 г.

Evening Traders,

Today’s Technical Analysis – NFLX – confirming an S/R flip, on the verge of a blue sky breakout if local high gets taken out.

Points to consider
- Trend broke key resistance (S/R Flip)
- 1.414 Fibonacci Extension Respected
- RSI above 50
- Stochastics projected down
- Volume climax evident

NFLX’s trend has breached a key level confirming an S/R flip; it has tagged the 1.414 Fibonacci Extension, marking the temporary top.

The RSI is currently above 50, indication of a bullish bias whilst the stochastics is projecting down with no official buy cross.

Volume climax is evident; price is trying to establish its equilibrium in this new range before its next impulse move.

Overall, in my opinion, if NFLX takes out its local highs, it will continue its blue sky breakout. However a breakdown and close below the S/R flip region will establish this being a false break.

The local support retest provides the best R/R trade for Netflix at current given time.

What are your thoughts?

Please leave a like and comment,

And remember,

“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” ― Yvan Byeajee,