Tuesday, June 21, 2016

#NFLX Bias & Levels Update for Tuesday June 21, 2016 by @mocktrade

#NFLX Bias & Levels Update for Tuesday June 21, 2016 by @mocktradeSocialTwist Tell-a-Friend

Over the past couple of weeks I mentioned that if not for the June rate decision being a possible game changer my bias for NFLX was more on the bearish side due to the auction chart favoring a move/breach below the key 92.00 support.

NFLX has now breached below the 92.00 support (and did so today) which I now expect NFLX to continue lower while/if holding below weekly value resistance for the remainder of the week just below 93.50 with 95.15-95.70 zone as the line in sand for sellers.

If above 95.70 either pre or post the Brexit vote I will then look at 98s as a potential upside and very important target for buyers to get through in order for me to fully change to a bullish bias; however for now or until if/then or until/if first above 95.70 my current bearish bias will remain with potential to reach the 78.6% Fib target at 89.80 before the bottom of the wedge at 88.45-87.95 zone, which will be a most hold to avoid a possible NFLX disaster with risk of a move below 80s/79s.

Ethan Premock
Futures & Options Strategist
Hamzei Anlytics, LLC 

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