Is Ackman Right to Buy Netflix (NFLX)?

Today we were discussing the purchases of Netflix NFLX by Bill Ackman:

Ackman sent a letter to investors in his hedge fund saying he had bought more than 3.1 million shares of Netflix, the video streaming pioneer whose stock had seen such vast reversals in recent days that it had been trading at June 2018 levels.

At Netflix’s current price of about $390 per share, the purchase gives Ackman a stake worth more than $1 billion — and makes him one of Netflix’s top 20 shareholders.

That is a pretty bold buy from one of my favorite contrarian investors but do I like the trade? I'm going to use my own Technical Analysis to see before making a decision...