NFLX short term perfect 50% retrace bounce to $430
Netflix keeping pace with the other Major Tech Stocks, and outpacing the industry itself. The Stock soared from 12/12/27 to 3/9/18, followed by a short term reversal until 4/5/18. This happened to coincide with the 50% fibonacci ratio from the previous climb and bounced right off it. the momentum carried it above the 100% previous resistance lines, above the 128% extension ratio, and now we are looking at 161.8%, or $430.00 stock price.
The first graph on the left is a Retracement using the time frames listed above, and the second is an extension charted out to graph selling points, from the previous buy of 50%. This is strictly Fibonacci ratio interpretation, there is no thought process given to news, media, hype etc. I do look at Volume, and RSI however.
If you pay attention to volume, we have seen it dipping since December 2017, even as the stock climbs, the Relative Strengh Index (RSI) has been dipping long term, although that looks like it could change. Keep in mind the stock is currently oversold, and may continue to be for some time. Dips in RSI can point to future reversals, so keep an eye out for volume as we hit the next price of $430.
Please send your thoughts, charts, ideas. I am interested and open to all interpretations!
The first graph on the left is a Retracement using the time frames listed above, and the second is an extension charted out to graph selling points, from the previous buy of 50%. This is strictly Fibonacci ratio interpretation, there is no thought process given to news, media, hype etc. I do look at Volume, and RSI however.
If you pay attention to volume, we have seen it dipping since December 2017, even as the stock climbs, the Relative Strengh Index (RSI) has been dipping long term, although that looks like it could change. Keep in mind the stock is currently oversold, and may continue to be for some time. Dips in RSI can point to future reversals, so keep an eye out for volume as we hit the next price of $430.
Please send your thoughts, charts, ideas. I am interested and open to all interpretations!
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