Netflix (NFLX) Could See New Highs Again Soon

April 19, 2011 Scott Redler

Netflix, Inc. (NFLX) is a momentum favorite that has been one of the strongest stocks in the market over the last several years. NFLX trades very well technically and looks like it is shaping up for another move.

Most are familiar with the Netflix story. The company is leading a media revolution away from traditional cable and movie rentals to a world of all-access streaming straight from your TV. The growth of the tablet market has been another boon for Netflix, which has yet to be threatened with a viable competitor.

Not everyone is in love with NFLX stock, though. The stock carries a heavy short interest, which often leads to short squeezes when it gets through important levels.

I’m long and see another buy pivot area to potentially add through $240-$242. A trade through there on heavy volume and we can see new highs again soon. The stop would be $232.

(click to enlarge)

Disclosure: Long NFLX

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

Visit: T3Live

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