Since it began trendng more than a year ago from July 2022, NFLX has a tentancy to correct back to its rising trendline every 3 to 6 months or so.
As at its close @ about 400 yesterday, it has already corrected 50% from it's recent AB swing. Whether it will find support here remains to be seen.
Another 5% downside from here would bring it to 380, which is likely to be a strong support due to a confluene of: 1. Long term trendline support (Red) 2. Horizontal Resistance turning Support (Black) 3. 61.8% fib retracement of it's AB swing 4. Gap close (minor)
All long bets are off should it break and stay below 380.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie stop loss and position sizing) is (probably the most) important! Take care and Good Luck!
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Market is in "Risk Off" could have room to fall. I won't be buy at any "supports" unless I see bullish reversal signals (pin bar candlestick or such). Be careful.
Thanks for sharing your analysis! That confluence of support at 380 does indeed look significant. Traders should always do their due diligence and manage risk wisely. Good luck! 📈🍀