After the Google trade, which went very well, it seems that the negative sentiment is affecting all the FAANG stocks and we now have NetFlix who just formed the infamous death cross!
I think this is a very strong signal in technical analysis and is not to be underestimated.
On Sept 20, Facebook produced its death cross and the price has since declined from $166 to $130 yesterday.
We had it with google last week and the price has continued to collapse.
Although these companies are fundamentally good, I think it is a golden opportunity which one has to make some profits on the short term.
I will wait for the market to open however my idea is to short at $291 as I expect the prices to re-bound a bit and place my limit around the area of $260.
What is your opinion on this matter? Let us know in the comments below!
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