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Netflix (NFLX) has been forming a bullish triangle, and now it may be breaking out.
NFLX rose more than 1 percent today, bucking a drop of more than half a percent in the broader market. Yesterday it also rallied 4 percent to close at its first new high in over a month. Looking back at recent price action, chart watchers are likely to notice the series of higher lows as it paused below $340. Technicians call that an ascending triangle, a classic bullish pattern that may indicate a rally will continue.
Represented by N in the “FANG” grouping of high-profile tech stocks, NFLX has surprised investors with huge subscriber gains both times it reported earnings this year. There hasn’t been much news recently, although other media companies are mulling consolidation as they try to survive a wasteland created by Reed Hastings’ streaming-video giant.
NFLX has surged 82 percent in 2018, which makes it the S&P 500’s best-performing stock by a wide margin. It’s also one of the 10 most actively traded stocks for customers of TradeStation. The next earnings report is due in mid-July. And, in case you were wondering, the other FANG stocks are Facebook (FB), Amazon.com (AMZN) and Alphabet (GOOGL).
Netflix (NFLX) chart showing bullish triangle and quarterly earnings reports.
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