Netflix stock plunged down after report as the leader of streaming video companies offered weak guidancefor subscribers growth. But it is not the only reason. The arrival of Prime Video as a more direct competitor, as well as Amazon Prime can create some challenges for Netflix .
The price gapped down below 200 and holds near the bottom - the sign of weakness. It failed to reverse as $IBM did. And may continue its weakness, especially if market will bounce off from resistance (now, it is curling down).
With today's candle, it broke down support at $94.20 (which was an entry) with the STOP above $97.40 and TARGET (next important support) at $88. The risk/reward ratio is 1:2, that makes tjis trade attractive.
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