The last time Netflix did this, it rallied 95 percent
Netflix is set to gain a new competitor next week when Apple will reportedly unveil its streaming platform.
"This stock already took a little bit of a breather last month and now it's starting to rally again," Maley said Tuesday on CNBC's"Trading Nation.""The key that's really going on right now is the stock is seeing a golden cross with its 50-day moving average moving above its 200-day moving average." "The last two times in 2015 and 2016, it saw a rally of 120 and 95 percent after they saw the golden crosses," said Maley."I'm not calling for that kind of a huge rally but history says it's been a positive sign," he said."It's getting overbought on a near-term basis," he said Tuesday on"Trading Nation.
"It will probably have to pull back, consolidate its gains, work off that overbought condition before it can rally further," said Maley.
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