Monday, 26 August 2013

NFLX - failed break above channel

With the main markets a little spooked in the closing hour, Netflix (NFLX) slipped back, closing just under the top of a broad ascending channel, but still saw a net daily gain of 1.6% @ $282. Near term trend remains bullish.

NFLX, daily


Today was a relatively quiet day in the main market, but the 'hysteria' stocks as I prefer to call them, certainly saw some rather strong gains earlier in the day.

FB, GRPN, TSLA, and NFLX all saw gains.

Indeed, NFLX saw a break above the channel today, but the close was a touch weak, with a rather clear spike.

Bears should be looking for at least a moderately lower Tuesday close, whilst Bulls merely need to hold above the rapidly rising daily 10MA - currently $266.

*considering the QE of Tue/Wednesday, bulls will likely be able to hold NFLX - and indeed, the main market together.