Courtesy of Chris Kimble.
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Netflix has been a stellar performer since the early 2000’s. It has remained inside of rising channel (A) for almost 15-years.
Late last year, NFLX hit the top of rising channel resistance, where a strong rally almost stopped on a dime.
NFLX hit channel resistance in August of 2015, where it might have started creating a “Head & Shoulders” topping pattern.
NFLX remains in an uptrend, no doubt about that.
At this time, it is testing dual support at (1) above. If support would give way, a good deal of selling pressure could take place.
What happens at (1), could tell investors if NFLX will turn into a “bad movie” or not!
At this time, support is support until broken at (1).
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