Trade of the Day – Netflix, Inc. (NASDAQ: NFLX) January 11, 2024 141

Trade of the Day

Netflix, Inc. (NASDAQ: NFLX)

(Current Price: US$478.33) – TECHNICAL SELL

Sell stop: US$472.95     Stop loss: US$487.00 (-2.97%)    

Take profit 1: US$446.00 (+5.70%)     Take profit 2: US$418.00 (+11.62%)

 

 

(1) & (2): Netflix, Inc. is currently consolidating in an ascending triangle following a horizontal range support level breakdown of US$486, which is acting as resistance currently

(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators display a bearish divergence signal and decreasing momentum, which suggests further downside

We believe should the price break down the current consolidation, it could head towards the first support level at US$446, to retest the swing low support formed in December 2023. The price could then head lower towards the second support level at US$418, to retest a range resistance breakout level in October 2023

Expected timeline of the trade is 1-8 weeks from the date of report issuance

Our research team has a fundamental recommendation of “ACCUMULATE” with a target price of US$455.00

This counter is available for trading on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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