A Thrilling Series for Netflix
In front of The Fed, Netflix is acting the best of the "FANG" stocks, as well as PCLN and TSLA.
Indeed, it has been a thrilling series of technical events for Netflix bulls in recent quarters, as bears squandered one opportunity after the next to bring the leader down.
A good chart perspective on NFLX can be seen, below, on the weekly timeframe. Note the $130 level was cleared by buyers to begin 2017, and they have held above that breakout area admirably ever since then.
Over the seven weeks or so, NFLX has been building out a tight base or "handle" to potentially catapult it higher. Sell volume also continues to be fairly tepid, thus undermine the bear case that this is some form of a top.
While NFLX was rangebound for much of 2015 and 2016, I was cautious on the name and open to the idea of a breakdown. But that never happened. And with the name off to a great start to 2017 I am looking to see if the progress continues into the spring months.