ThinkingAntsOk

NFLX current scenario and trading opportunities

NASDAQ:NFLX   Netflix, Inc
Today, we will take a look at NFLX after a massive gap.

Where is the price right now?
Is making contact with a weekly trendline that started in 2017; therefore, we have to consider this level a relevant zone to think in potential bouncing or breakout movements.

Bullish Scenario:
The price is able to bounce on the weekly ascending trendline and makes a breakout of the descending trendline of the current bearish movement. IF that happens, waiting for a correction after the breakout using previous scenarios as models to understand the size and duration of it is always a good idea. So, I have defined what I think the correction should look like. A new local high would be a confirmation of the bullish movement towards the next resistance zone .

Bearish Scenario:
The price is not able to bounce on the weekly trendline, and we observe a breakout. Waiting for a correction after the breakout of a relevant level using previous scenarios as models to understand the size and duration of it is always a good idea. So I have defined what I think the correction on the bearish movement should look like. A new local low after that would be a confirmation of the bearish movement towards the next support zone .

At the moment, my stand on NFLX is waiting and observing possible resolutions before taking action. Thanks for reading.

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