Upon further review of the charts, I am revising the final target on the NFLX (Netflix Inc.) short trade to current levels (265.30) for a 28.8% profit, or 24.5% beta-adjusted gain. As mentioned in some of the updated back in November, I had inadvertently set the original final price target, T3 at 250.40, slightly below the actual support level that I was targeting instead of just above it. That resulted in Netflix hitting that support level that I was targeting where the stock bounced, as expected. Original & updated daily charts below:
Following that bounce off support, the stock has been dragged down by forced selling in the Nasdaq 100 / QQQ but has shown relative strength. As such, I believe that the R/R is no longer favorable to remain short at this point & have decided to close this trade. Those still short could certainly consider lowering or trailing down stops to let the position ride, targeting the 229 area, which would be a backfill of the big January gap in which my final target was set just above.