One FANG stock is about to break out, chart suggests (via TradingNation)
Todd Gordon"Netflix has been in a bit of a consolidation, but relative to the broader market, it's showing some pretty good relative strength here," Gordon told CNBC's "" on Tuesday. "So should the market begin to stabilize, Netflix might be able to make a push up here."
The 200-day moving average appears to be holding as support, Gordon explained. Netflix came close to touching that level in February, March and April but bounced each time. It briefly broke below it during Monday's session but has since recouped those losses.Netflix is "nowhere near the 200-week moving average, but it's the same kind of situation. We're right down in the 50-week moving average, we held it as support, buyers are starting to come in here," he said.
Gordon is buying the July 19 expiration 370 call and selling the 380 call for $3.55. This is a bullish bet that shares of Netflix will rally as high as $380 by July expiration.
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