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
Futures & Options Strategist
Hamzei Anlytics, LLC