Netflix (NFLX) is Setting Up for Breakout to the Upside

November 28, 2012 1:09 PM EST
Looks like Netflix is setting up for a potential break out to the upside. Attached is a 30-day view of Netflix (Nasdaq: NFLX) and you can see that the stock is forming somewhat of a "bear pennant," where a firm top is seen and the flag started from the bottom.

At this point, from a purely technical perspective, Netflix might see action above $83.50 or so.

Another point could be made for activity above the $85 level, which is where Netflix hit a few times over the last half-year ahead of and following earnings reports.

Shares are down 1 percent Wednesday.

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