Netflix (NFLX) remains overall bearish, continuing to trade inside the red descending broadening wedge that has been guiding the broader price structure.
Price is now testing a major technical area where the lower boundary of the wedge aligns with a strong weekly support zone around 70, creating an important region to monitor for a potential reaction.
⭕As long as this support area continues to hold, we can start looking for buy setups on lower timeframes, anticipating a move toward the upper boundary of the broadening wedge. Adding more confluence to this scenario is a developing bullish divergence, which may serve as an early indication that bearish momentum is beginning to weaken.
⭕However, if price breaks below the current support zone, the focus shifts toward the next major support area around 60, where another buying reaction may develop.
The reaction from this area should provide valuable insight into whether the current bearish move is approaching exhaustion, or if sellers remain in control of the broader trend.
⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#NFLX #Netflix #Stocks #Investing #TechnicalAnalysis #PriceAction #MarketStructure #SupportResistance
Price is now testing a major technical area where the lower boundary of the wedge aligns with a strong weekly support zone around 70, creating an important region to monitor for a potential reaction.
⭕As long as this support area continues to hold, we can start looking for buy setups on lower timeframes, anticipating a move toward the upper boundary of the broadening wedge. Adding more confluence to this scenario is a developing bullish divergence, which may serve as an early indication that bearish momentum is beginning to weaken.
⭕However, if price breaks below the current support zone, the focus shifts toward the next major support area around 60, where another buying reaction may develop.
The reaction from this area should provide valuable insight into whether the current bearish move is approaching exhaustion, or if sellers remain in control of the broader trend.
⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#NFLX #Netflix #Stocks #Investing #TechnicalAnalysis #PriceAction #MarketStructure #SupportResistance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.