Thursday, June 23, 2016

#NFLX Bias & Levels Update for Thursday June 23, 2016 by @mocktrade

#NFLX Bias & Levels Update for Thursday June 23, 2016 by @mocktradeSocialTwist Tell-a-Friend

NFLX target at the 78.6% Fib (89.80) achieved yesterday along with also reaching the bottom of the wedge today at 88s, which is likely to now hold ahead of the Brexit vote. If the wedge does not hold or contain and if NFLX sees more selling today 87.95 will become a potential lower target before 86.50-86.15 zone which includes today’s daily support (DS3).

For me NFLX has a ways to go before I can become extremely bullish; the Brexit overall market reaction will definitely have to work in favor for NFLX buyers. If NFLX can at least first get back above the 92s/93s area then above last week’s value area/+95.05 following the Brexit vote I will expect NFLX to then reach the 97s/98s area, otherwise failing to get above 95.05 will equal odds more in favor for NFLX reaching the 80s/79s target in the coming weeks.

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC 

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