Netflix Reverses Off Early Gains After New 52 Week High
Netflix, Inc. (NASDAQ:NFLX) reversed from a gap higher today after making a new all time high at $149.74. A reversal at the high end of a chart can often signal a short term reversal in trend and sometimes something bigger. NFLX is up 200% from its early 2010 low of $48.52. It has had a tremendous run and at these levels is most likely slightly over priced short term. Shorts have continued to be squeezed in this play which has helped it remain at its lofty levels. NFLX will find support at $140.00 and then $125.00. Resistance remains firm at $150.00.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
Read more at In The Money Stocks
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