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“Even more room to grow” for Netflix, says the trader. Here’s when to buy

There may soon be another chance to buy the only FAANG share to hit new highs this month.

Netflix shares last month held off the sell-off of other FAANG names – Facebook, Amazon, Apple and Google Alphabet – and the broader tech sector, climbing to new all-time highs.

This growth comes as the streaming giant’s Squid Game gains traction, gains popularity in at least 90 countries, and is a key catalyst for Netflix’s recent spike in app downloads.

Netflix’s upcoming P&L, slated for October 19, could create an entry point to its stock, New Street Advisors Group founder and CEO Delano Saporu told CNBC’s Trading Nation Wednesday.

“There is still a place to run,” Saporu said. “I was looking at this 610, which is the most recent high. We’ve obviously gotten past it, and I think there will be more room for growth before profit. “

With the stock trading at around $ 637 a share on Thursday, Saporu said that overstated expectations could create some downward pressure in the direction of the report.

“This could lead to a pullback where investors can look for a buying opportunity at that time,” he said. “If you are an investor now, we are faced with uncharted territory, down to stocks, so you can wait and see what happens to the profit and see if there is an opportunity there. But I definitely like Netflix and I am optimistic.”

Netflix has also overcome key resistance, which means there could be more growth potential, ” Blue Line Capital founder and president Bill Baruch said in the same interview.

“If you’re an impulsive trader, you have the ability to manage risk,” Baruch said. “You go long, set a stop around 620 or so, and hold it very tightly. If this thing continues to break and stays above this trendline, you remain long. ”

Baruch added that he would rather own Netflix and travel promotions like Expedia over Disney amusement and theme parks.

“Disney doesn’t really do it for me,” he said. “Unfortunately, I don’t have Netflix and I kind of slept through the pullback, but I would like to be able to see Netflix return to the shopping range. As Delano said, wait for the profit, wait for the pullback, and I think you may have such an opportunity. “

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