NFLX Has given a hammer pattern in daily chart. It has come near the support and resistance line.
Hammer is a bullish reversal pattern. Like all candlestick pattern this one too need confirmation. Break of the resistance line will be the confirmation to go long. Bulls may gain momentum once they cross 189.76.
Break of the support line will be negative. Bears will be stronger if price falls below 175.56.
First chart shows a triangle shaped price consolidation in apples daily chart. What ever it is if price does not break above that resistance line apple will start to correct. Initially price may come down to the support line of that pattern.
Breaking above the resistance line will solve the problem for the bulls.
Correction may take apple to 318 - 320 levels initially. Price is trading well above its 20 and 50 DMA. So weakness in price will be visible only if it starts trading below 20 DMA.
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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