20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
- Netflix experienced a notable setback when it approached $485 in July 2023, leading to a 28% decline.
- In November 2023, the stock neared the July high but was met with another decline, but is now making progress and gradually climbing higher.
Netflix Inc.'s (NASDAQ:NFLX) stock journey towards $500 has been a turbulent ride, with many ups and downs and key turning points. Despite showing signs of promise, the stock has faced challenges since July 2023 by failing to break through the $500 level.
At that time, Netflix seemed likely to break through as it approached $485 but unexpectedly faltered. This resulted in a 28% decline, breaking through the daily 200 simple moving average.
The narrative shifted in October 2023 as its stock experienced a sudden revival, surging back above the 200 simple moving average. The rebound indicated a surge in the stock's momentum, suggesting a high probability of price climbing higher.
In November 2023, Netflix's stock price showed promise as it approached its previous high from July. Unfortunately, the stock experienced a 6% decline, missing this milestone once again.
The stock is currently relying on support at $453, a critical level for its short-term direction. If the stock stays above this level, it could enter a consolidation phase before a potential upward trend.
However, if the support level breaks, the stock could drop towards the 200 simple moving average at $393. This would be a substantial setback, with potential for a longer-term downtrend.
Netflix's stock has the potential to reach new heights. Breaking through current resistance levels could see the stock break above the 2022 high at $609.
After the closing bell on Tuesday, December 12, the stock closed at $463.00, trading up by 0.67%.
This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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