Just a chart I found interesting. High confluence bounce.
- previous pivot high resistance level of $372.36.
- the 38.2% retracement of the swing from the bottom of the trend-channel.
- 20 period daily EMA
- center of the channel
In yesterdays post I had mentioned that today I was leaning sideways to bearish and I was more or less correct. I did mention in an update that I was expecting a decent push at open and a rejection at $305.30, we pushed but only made it to my $303.31 level, but that level was in my watchlist yesterday. After the opening turbulence the $301.21 level acted...
With FOMC coming up on 8/21 I think we're likely to see a lot of sideways action throughout the day. Regardless, I'll be watching for some trade setups before the meeting if they arise.
Tentatively, my sentiment is bearish going into tomorrow (8/21) so I'll be watching for short setups off of resistance at the following levels $301.12, $303.21 and $305.30, this...
I took put options on Friday before close. I don't see enough volume to qualify as "stopping volume" and the chart put in a lower low. Historic support/resistance along with 78.6% retrace suggests a price target of $14.41. On the bullish side, we did close above the 200 sma.
NETFLIX had a great bounce here at well-respected support and the important 61.8% retrace. Having closed above the 200 simple moving average this chart offers a decent risk reward setup.
Having said that, one should be aware of the somewhat debatable head & shoulders pattern on the daily weekly.