Stock Chart Is Chill:

In the communication services space, to me, it is chock full of tech names in the internet arena, one of the most visible names that many focus upon is NFLX. Others that demand your attention are stocks like GDDY, which sported nice relative strength on Wednesday adding more than 2% on a soft tape. It is within a stone’s throw of a cup base pivot of 107.92, and after a 20% WEEKLY advance the first week of last November it is higher by another 20%. Notice how its cup base found some support right at the very round par number. DASH also bounced off the very round par number today, just 2 sessions after a dreaded doji candle. Below is the chart of NFLX, perhaps the most recognizable name in the sector. As the saying goes, “NFLX and chill”, this name is doing just that above its rising 50-day SMA and the very round 500 number. Its MONTHLY chart is behaving well after three straight very taut CLOSES between last June-August, with the last 2 months’ doji candles. It is a good sign it shrugged them off. It is now all about the very round 500 number and when that may be taken out. 

This article requires a Chartsmarter membership. Please click here to join.