Rich Ross Believes Netflix Is Going To $180

Rich Ross of Evercore ISI spoke on CNBC's Trading Nation about Netflix, Inc. NFLX. He identified a bullish technical pattern on its daily chart and he believes the stock is going to trade to $180.

See Also: Where You Should Expect To See Effects Of Netflix's Breakthrough In China

Ross said the stock rallied $32 from its November lows and it traded sideways in the last two months, forming a technical pattern called a bullish flag.

Netflix broke above $148 on Tuesday, on the news that the company has reached a deal to enter Chinese market. Ross sees that as a bullish sign and he thinks that the stock is going to make another $32 move above the break out point of $148, to reach his target price of $180.