Netflix's Bullish Trend Ending: Traders, Prepare for Downtrend!
Hi Realistic Traders. Here's my price action analysis on Netflix
In our close examination of NFLX, the streaming titan, a compelling narrative unfolds. Initially, a double-top pattern emerged between July 2020 and January 2022, followed by a significant breakout from the neckline. This breakout confirmed a bearish reversal, resulting in a remarkable 70% decline from its peak.
However, the plot deepens. NFLX recently revisited its double-top pattern's neckline while concurrently crafting a channel chart pattern. Adding to the intrigue, NFLX struggled to regain its former heights and descended below both the lower trendline and the dynamic support line, a classic sign of a sustained bearish trajectory.
Not to be overlooked, the Stochastic indicator chimed in with a bearish divergence, providing further validation for the impending downward movement.
Our target price? Set conservatively at under $300.
Traders, prepare for a captivating journey ahead!
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
NFLX ."
In our close examination of NFLX, the streaming titan, a compelling narrative unfolds. Initially, a double-top pattern emerged between July 2020 and January 2022, followed by a significant breakout from the neckline. This breakout confirmed a bearish reversal, resulting in a remarkable 70% decline from its peak.
However, the plot deepens. NFLX recently revisited its double-top pattern's neckline while concurrently crafting a channel chart pattern. Adding to the intrigue, NFLX struggled to regain its former heights and descended below both the lower trendline and the dynamic support line, a classic sign of a sustained bearish trajectory.
Not to be overlooked, the Stochastic indicator chimed in with a bearish divergence, providing further validation for the impending downward movement.
Our target price? Set conservatively at under $300.
Traders, prepare for a captivating journey ahead!
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
NFLX ."Nota
With the confirmed breakout of the channel pattern, NFLX may go downward to the target area 1 :D
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.