Well, I am not usually the kind of person that likes to "pick bottoms" but this one is too hard to resist. First of all in a recent news article NFLX management has announced publicly that their "woke" policies are failing to make money for the company. Therefore they have in a roundabout way told the woke employees in the company to go pound sand and leave if they don't agree with internal company policy. It's about time they started running their company the right way. Go woke, go broke. Now NFLX has learned a very painful lesson. Which means that from now on the company should be able to recapture some new subscribers after losing more than 200,00 recently. Therefore after a long extended decline I think NFLX is due for some kind of recovery. This is purely a counter trend play and should be traded as such. My approach is going to be to gather some "test" shares and monitor the position week to week for continuation buy points. Of course my stop loss will be an ATR stop below the most recent weekly low. But I have to be careful not to get whipsawed on the position as I am sure I won't be the only one doing this strategy. So set your stops far enough way to not get "noticed" or better yet pick up some NFLX call options. Your choice. Finally I guarantee you nothing on this post because once again we are trying to "pick a bottom" here against the trend. These kind of trades have a low probability of working but when they do work the returns can be awesome. Well good luck and let's see what happens. Proceed at your own risk.
Comment:
Taking partial profits on this at above the 200 level. For the remaining shares I have a protective stop below the weekly pivot.