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NFLX) is a provider of Internet subscription allowing users to stream TV shows and movies. This stock closed up 7.8% to $324.36 in Monday's trading session.
Monday's Volume: 6.43 million
Three-Month Average Volume: 3.11 million
Volume % Change: 111%
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From a technical perspective, NFLX ripped sharply higher here right off some near-term support at $300 with heavy upside volume. This stock has been uptrending strong for the last four months, with shares soaring higher from its low of $205.75 to its recent high of $344.50. During that move, shares of NFLX have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of NFLX within range of triggering a near-term breakout trade. That trade will hit if NFLX manages to take out Monday's high of $325.27 and then once it clears its 52-week high at $334.50 with high volume.
Traders should now look for long-biased trades in NFLX as long as it's trending above Monday's low of $306 and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.11 million shares. If that breakout hits soon, then NFLX will set up to enter new 52-week-high territory above $334.50, which is bullish technical price action. Some possible upside targets off that breakout are $350 to $375.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.