Courtesy of David Grandey
We’ve spent a fair amount of time on Pullbacks Off High’s (POH) chart patterns and one look below at NFLX pretty much tells the story. Keep in mind this name is prone to large mood swings on a daily basis. That works for you and against you.
For us a big part of our success around here has been that of the Pullback Off Highs (POH) longside trade set ups of leading stocks in clearly defined uptrends. It’s really the only pattern you’ll ever need to know in uptrending markets.
As you can see this issue is in a clearly defined uptrend pulling back off of its highs. It has also pulled back to a prior support level and above the 50 day average. Those levels tend to act as supports. For us we are going to continue to stalk this issue till it stages an upside crossover of the Pink line. At that time we will step in and buy a call option on this issue.
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