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Fan Yang

Netflix (NFLX) - $380 Resistance Likely to Break; Price to Open up $400, $423

Recently, after Netflix $NFLX fell below a channel support, I was expecting a pullback towards the $320 area. Instead, price held above $340 and is now pushing back towards the $380 resistance, which I think will break.

Netflix (NFLX) Breaks Below Channel Support after the Disney (DIS) Unveiling

NFLX Daily Chart

(click to enlarge)

Bullish Signal:
- After price broke below the channel support, it was supported by the cluster of 200-, and 100-day simple moving averages (SMAs). The fact that price held above these moving averages suggests that the market is still bullish on NFLX since late 2018.
- The RSI held above 40 after it pushed above 80 earlier in the year.This shows maintenance of the 2019 bullish momentum.
- The strong bullish push during the 4/22 session also suggests that the resistance around $380 is vulnerable.
- I think the $400 is next, and the $423 high is highly attainable this year (2019).

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