$NFLX has been in a “Go” trend since mid April.
Since then we saw price race to a new high at the beginning of this month. At the high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, price fell from that high and GoNoGo Trend painted a few weaker aqua bars. GoNoGo Oscillator fell to to test the zero line at the same time and it became important to watch to see if it would quickly find support. It did, bouncing back into positive territory as GoNoGo Trend paints more strong blue bars at new highs. With momentum resurgent in the direction of the “Go” trend, we will look for price to consolidate at these higher levels and potentially climb further from here.
