Skinny On Netflix: Sunday August 13, 2023 | T3 Glossary Applied
Stock Netflix (Ticker: NFLX) / Sector ETF: XLC / Sun Aug 13, 2023 / DAILY Chart
PRIOR COMMENTARYΒ
In 2023, I recommended this stock FIVE times (before today) in the Stock Picks Grid
- Sun Jan 22,Β Buy Signal Now, upside target 431.85, stop below 303.69
- Tue Feb 21, Buy Lower (test of new category)
- Tue May 9, Buy Signal Now, upside target 379, stop below 313.00
- Tue May 30, Persistent Uptrend
- Sat Jul 1, Buy Signal Now, upside target 499.14, stop below 409.54
RECAP
- Shares traded up to 379.43 before consolidating
- Shared fell to 285.33
- Shares traded higher after Pretty Trend Line break, reaching 375.87 initially, consolidating, then continuing higher
- Shares slowed their pace but continued to trade higher into Jun 15
- Shares traded higher, reaching 485.00Β
OUTLOOK
Shares fell to 411.88 (Jul 27) then recovered to 445.25. The recommendation is Sell Signal Now based on:
- Price breaking down below 426.27 (Aug 4)
- Momentum capping at the Bear Resistance Power Zone
- Timing showing multiple forecasts suggesting further weakness (see yellow highlight)
The recommended protective stop level is above 445.25
The initial downside target is 396.34
The ultimate upside target is 379.43
Ticker NFLX | KEY PRICE LEVELS
[remaining resistance levels detailed in full report in Trifecta Trading Club portal]
485.00 β Jul 19 Swing High (also pre-gap high)
470.00 β Old Low Jul 19
445.25 β Tue Aug 1 high
Resistance Above
Current price:Β 421.66
Support Below
411.50 β Jun 17 low
396.34 β Jun 8 low
379.43 β Feb 3 Old Top
[remaining support levels detailed in full report in Trifecta Trading Club portal]
Hima Reddy, CMT
Copyright Β© 2023 Celer Wealth LLC, All rights reserved.
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T3 Glossary Applied:
Buy Signal Now:Β A type of recommendation used in Hima’s full Stock Picks Grid. See Skinny on the Markets, Skinny School, Session 2, Video 2.3>>
Consolidate / Consolidating / Consolidated / Consolidation: When shares/contracts arenβt continuing an existing trend nor are they reversing the trend. They are moving in a narrow price range when compared to the recent move either higher or lower. Often βconsolidationβ has a clear boundary to it, but not always
Pretty Trend Line: See Lost Forecasting Trading System, Session 2, All Videos>>
Swing High: A five-bar pattern described as a Bar high, a higher Bar high, a third higher Bar high, then a lower Bar high, and an even lower Bar high. All must occur sequentially (one period after another). This explored at the start of most of Hima’s courses and introduced in theΒ Winning Price Action Playbook>>
Old Top: A previously posted Price High or Swing High which has now been traded above. These often βrevertβ to support. For trading signals derived from Old Tops, seeΒ Gann Trading Patterns System, Session 2, Video 2.5>>