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,
Joey
for more analysis, check out downtowntrader.com
Stock Chart Analysis CSIQ
Canadian Solar Inc. (Public, NASDAQ:CSIQ)
Solar stocks have been on fire lately and buyers stepped in quickly after Mondays reversal. While some solar stocks have been all over the road, CSIQ has been forming a fairly steady base all year. It cleared the base on a closing basis last week and came back to retest the breakout this week. While there is a chance that CSIQ falls back into the base or worse yet, this is a bear trap, the chances are that the breakout will hold. The measured target for the double bottom / triangle breakout is near 34, so there is obviously a lot of potential here. I would probably stick with a volatility stop on this one, as it has some wiggle to it.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Stock Chart Analysis NUE
Nucor Corporation (Public, NYSE:NUE)
Industrial Metal stocks have been moving higher recently, and if the markets rally, this could be a decent sector for a trade. NUE recently cleared a base and tagged new all time highs which is impressive considering the how bad the general markets have been. The stock has come back in a little and there could be a group of buyers waiting to buy who feel like they've missed the boat. Buyers have been stepping in around the 20sma and the mid $60's. Often when a stock has been consolidating just below all time highs, and then climbs back to new highs, it produces a short squeeze as shorts scramble to get out of the way. While I don't know if NUE will be able to break to new highs here, the ingredients are there for this stock to continue moving higher.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
