Green line -support trend line
Blue lines- Fibonacci retracement levels
NFLX stock was under pressure yesterday. Price is trading around $404. Technically trend remains bullish as long as price remains above the green upward sloping support trend line. However as we mentioned a few weeks ago when price was trading around $430, NFLX is vulnerable to a deep pull back. Our first target was to test the green trend line. NFLX stock price got rejected at the 61.8% Fibonacci retracement and remains vulnerable to a move lower at least towards $390. A break below the green trend line would be a new bearish signal.
