New York, January 25th (TradersHuddle.com) - Shares of Netflix Inc. (NASDAQ:NFLX) closed the trading day at $146.86 well above its calculated resistance at $104.50. The move spurred concern among traders over a possible pullback in the stock price. The resistance level was calculated using a peak and throughs algorithm.
Netflix Inc. (NASDAQ:NFLX) is an online movie rental service. The company delivers its rentals by regular mail, using DVDs, or by its internet streaming service.
Netflix broke out of its defined range that had support at $95.75 and resistance at $104.50. Now the stock is working on developing a new trading range, which should be defined by the high reached after this breakout and its probable support at its previous resistance level at $104.50.
From a technical perspective, traders should wait to establish a position in Netflix until a base in the stock develops. This can help traders define risk before entering into a position, as it will provide good reference points to the upside and most importantly to the downside.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”