Another Look at Netflix

As you may know Netflix (NFLX) was one of my 4 stocks to buy in 2009. Since its recommendation at the beginning of the year the stock has gone up about a little more than 28%. With so much upward movement, some people may wonder if this stock has already run its course so early in the year.

When I recommended this at the beginning of the year, I said the next major resistance would come at $39. With Netflix knocking on that door, it is time to recalibrate our scheme… or is it?

During this brief down period in Netflix, it has developed solid base. As it passes the resistance, we know this base should give Netflix support to rise higher. Calculating the distance between the bottom and the resistance, I see a price target of $47.

Don’t believe me? Watch the video.

I’m sure people are wondering how could a company like Netflix be skyrocketing in such a terrible economy. Well, obviously you are not reading this site close enough.

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