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Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial... More
My company:
InTheMoneyStocks.com
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Pro Traders Rant & Rave Blog
  • Netflix, Inc.: Large Pull Back Coming 0 comments
    Jun 18, 2014 12:58 PM | about stocks: NFLX

    Netflix, Inc. (NASDAQ:NFLX) is fast approaching its 52 week highs at $458. This is what traders refer to as a major double top. A major double top is established when a stock puts in 52 week high and then tumbles over 25%. Netlifx, Inc. tumbled 35% before the recent rebound. Essentially, this means that there are a lot of bagholders that bought at the highs and have been wishing and hoping it comes back to that level so they can sell for a break-even. As Netflix inches closer to the $458 level, these sellers will begin to dump. This will likely cause a retrace back down to the tune of 38.2%, a Fibonacci level. This retrace would take the Netflix, Inc. back to $400.00 and be a great profit opportunity as a short from current levels.

    Gareth Soloway

    InTheMoneyStocks.com

    Stocks: NFLX
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