Netflix price is approaching the daily candle in which Pershing Square capitulated and sold their entire position on this stock. Bulls want the type of action that $COIN showed after Cathy Wood capitulated which was a 100% move to the upside within a week.
Not to mention the strength that tech stocks have recently shown after ER reports; major gap downs have been bot up quickly after shorts started to cover. We have noticed big deep ITM Put orders which can be shorts hedging for slippage as they cover and NFLX has a 17M Put position for 2023 with a 435 strike price.
The Volume Profile indicator shows us that there was very little battle between longs and shorts within this gap which insists that if we enter this gap, buyers have a better chance of taking over since the market remains bullish on tech and growth.
Not to mention the strength that tech stocks have recently shown after ER reports; major gap downs have been bot up quickly after shorts started to cover. We have noticed big deep ITM Put orders which can be shorts hedging for slippage as they cover and NFLX has a 17M Put position for 2023 with a 435 strike price.
The Volume Profile indicator shows us that there was very little battle between longs and shorts within this gap which insists that if we enter this gap, buyers have a better chance of taking over since the market remains bullish on tech and growth.