New York, June 20th (TradersHuddle.com) - Shares of Netflix Inc. (NASDAQ:NFLX) are trading very close to calculated support at $244.26 with current price action closing at just $245.67 places the stock price near levels where traders will start paying attention.
Netflix Inc. (NASDAQ:NFLX) is an online movie rental service. The company delivers its rentals by regular mail, using DVDs, or by its internet streaming service.
Netflix's current stock range is defined by current calculated support defined at $244.26 and by the resistance level at $277.70, which should be used by traders planning their trades.
Traders wanting to establish a position should place close attention to Netflix's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $277.70 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.