Long Position on NFLX @ $161.00 on 7/17/2017 (Momentum)

Double Bottom Formation on NFLX. See Stockwinners.comNetflix, Inc. (NFLX) engages in the Internet delivery of TV shows and movies directly on TVs, computers, and mobile devices in the United States and internationally.

The company operates in three segments: Domestic Streaming, International Streaming, and Domestic DVD.

It also provides DVDs-by-mail membership services. As of September 9, 2015, the company had approximately 65 million customers in 50 countries. 

Shares are heading higher in an upward trading channel (shown in blue). The 200-day moving average (green) has acted as a long term support for the stock.  The Internet video service debuted in 130 countries Wednesday. Now, Netflix is available in 21 different languages and streaming in just about every market that it had in its sights, with the notable exception of China, the world's most populous country. In an interview, NFLX CEO said the company will try to a partner in China while it tries to appease the country's Communist government, a process that he hopes to complete by the end of this year.

The Company is scheduled to report its quarterly results today after the close. Ahead of that, shares have formed a bullish "double bottom."  The formation is supported by the stock's 50-day moving average, shown in brown. Higher share prices are expected for this stock.

52-Weeks Trading Range: $84.50 to $166.87

Entry Point: $161.00

Stop Loss: $154.00

Target Price: $178.75

 

Updates

7/18/2017 10:32:13 AM

NFLX closed at $179.00

Position closed on 7/18/2017 at price of $179.00 with a 11.18% gain in 1 days.

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