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Tuesday, June 12, 2007 

NFLX and XPRT in review

Chart courtesy of stockcharts

Shares of Netflix were down on friday more than 6% to 21.93$ per share, after JP Morgan downgraded shares following reports that Apple could be launching a movie rental service through iTunes. Looking at the daily chart stock recently had a nice rally from 21$ to 25$ in just two days but pulled back immediately after that, it seems to me that was a clear false breakout of the channel, however we must wait more sessions to confirm this probability due to the fact that pull back was done with less volume than the ascending movement. Technically speaking, with stock below 50 dma and MACD signal approaching 0, the next few days will be critical and probabily stock will test the bottom of the channel. Resistance at 22.63$ and support at 21.30$.


Chart courtesy of stockcharts

Keep an eye on XPRT shares for a possible breakout over 15.33$.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice evening !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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