Stock Chart Analysis NFLX

Posted by downtowntrader | 4/10/2008 09:10:00 PM | 0 comments »

Stock Chart Analysis NFLX

Netflix, Inc. (Public, NASDAQ:NFLX)
NFLX has been quietly ripping higher most of this year, even as the markets have been floundering. Its been trading sideways for three weeks now and may be correcting through time rather than price. It looks like it is forming a pennant which is usually the most bullish of consolidation patterns . There is a chance there is no flag and that NFLX is entering a longer consolidation period, but that will only be known after the fact. While such a consolidation may have NFLX come back to test the low $30's, there is a chance that it begins another impulse move right here that will take it to all time highs. With 49% percent of the float short, it could get ugly for bears if that happens. Keep in mind that earnings are 4/21 for those that close out positions during earnings reports.

Good Trading,


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