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Netflix(NFLX - Get Report) is a provider of internet subscription service streaming TV shows and movies. This stock is trading up 3.2% at $178.74 in recent trading.
Today's Volume: 4.72 million
Average Volume: 5.57 million
Volume % Change: 50%
Shares of NFLX are trending higher today after BTIG analyst Richard Greenfield initiated coverage on the stock with a buy rating and $250 price target.
From a technical perspective, NFLX is bouncing higher here right off some near-term support at $170 with decent upside volume. This move is quickly pushing shares of NFLX within range of triggering a near-term breakout trade. That trade will hit if NFLX manages to take out its 50-day moving average of $180.88 with high volume. At last check, NFLX has hit an intraday high of $182.35 and volume is close to surpassing its three-month average action of 5.57 million shares.
Traders should now look for long-biased trades in NFLX as long as it's trending above today's low of $174.80, and then once it sustains a move or close above its 50-day at $180.88 and its intraday high of $182.35 with volume that hits near or above 5.57 million shares. If that breakout triggers soon, then NFLX will set up to re-test or possibly take out its next major overhead resistance levels at $190 to $197.