Tuesday, June 28, 2016

#NFLX Bias & Levels Update for Tuesday June 28, 2016 by @mocktrade

#NFLX Bias & Levels Update for Tuesday June 28, 2016 by @mocktradeSocialTwist Tell-a-Friend

As today’s first hour of trading comes to an end NFLX is trying to get back in the wedge which was breached for the first time yesterday. Now if buyers fail to regain 88.95 today’s upside will likely just be a technical relief rally following Brexit.

Buyers will gain an edge if above 88.95 but even if so buyers will still have some work to do to avoid lower highs forming anywhere below last week’s weekly VAH at 91.70. If above 88.95 the possible areas sellers may try to defend and form a lower high are at 90.30-90.55 zone then 91.60-91.70 zone with 92.30 being the line sand (LIS) for sellers. If above 92.30 the 78.6% Fib at 93.50 will become the next upside target.

If the wedge does hold as resistance today/tomorrow and definitely if NFLX pushes back below 87.00 before higher I will then go back to a full bearish bias for a current pre-Brexit Strangle which will now have potential lower targets at 82s then 80s-78s zone.

Ethan Premock Futures & Options Strategist at Hamzei Analytics, LLC 

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