December 18, 2010

  • NFLX Daily charts shown with 50 day moving average trend lines and support and resistance levels.
  • First chart shows the stock in a clear up trend above the 50 day moving average. The correction that is happening now will be a chance to get into this stock. Price will form a basing formation around 50 DMA before the next up move.
  • Trend line in daily chart has given support for now. Important support levels for the stock are 178.5 and 170.80 levels. If price manages to stay above the trend line we will see the up move soon.
  • Bulls should worry only if the trend line and 50 DMA gets broken. Weekly close below these levels will be negative.
  • NFLX CORRECTION WAS FOLLOWED BY THE DARK CLOUD COVER PATTERN SHOWN IN THIS POST

CHART-II
CHART - I SHOWN ON 27th NOVEMBER

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore