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History says Netflix is set to rally 52 percent, according to one technical analyst – CNBC

October 19
13:40 2016

Netflix‘s 19 percent stock gain a day after its earnings report could go even higher, according to Rich Ross, head of technical analysis at Evercore ISI.

According to Ross, a familiar pattern has formed in the charts that could well point to further gains.

Examining a three-year chart of Netflix, Ross said Tuesday on CNBC’s “Power Lunch” that Netflix has been in a trading range since mid-2015 that looks very similar that from late 2013 to early 2015.

The stock “moved sideways there for almost 18 months,” saw a pullback nearing its 100-week moving average in the beginning of 2015, and then saw a “massive” breakout that sent the stock much higher — from hovering around $50 in January to soaring over the $80 level in May.

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