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
Futures & Options Strategist
Hamzei Analytics, LLC