Netflix (NFLX) provides aggressive merchants an opportunity to play a triple-support worth degree now.
Let’s pinpoint this confluence and plan the “departure” commerce from this essential pivot:
We’re seeing three elements overlap as possible help simply beneath $170.00:
- The 50% Fibonacci Retracement
- The 50 day Exponential Moving Average (EMA)
- and the Prior Price High from June 2017
I highlighted this occasion to members in our “Swing Trade Section” of our Daily Strategy.
Today, we’re seeing an preliminary bullish bounce together with the market.
For now, watch $167 and the $170 zone as essential help, enjoying the bullish departure “up away from it” with a affirmation breakout above $175.00.
However, the bearish ‘breakdown’ thesis triggers beneath $165.00 and particularly $162.00.
Place your stops and plan your short-term commerce(s) with these ranges in thoughts.
Follow together with members of the Afraid to Trade Premium Membership for real-time updates and extra commerce planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade
SOURCE: Afraid to Trade.com Blog – Read complete story here.