i’m going to try to clean up the active trade ideas list today and NFLX is the first one that i need to move to the completed trades category. NFLX was in the long-term trades ideas category as it has come well off it’s highs and fallen to this decade old weekly uptrend line. however, the previously mentioned stop criteria was a weekly candlestick close below the uptrend line at the end of last week or no later than monday. prices did close below that trendline and continue to fall.
on a side note, NFLX is very oversold and as you can see from this chart, has several support levels below all the way down to the very solid support shelf that starts to come in around $41. also note the positive divergences setting up on the weekly RSI and MACD. therefore, i will continue to keep this one on my radar for a potential longer-term bottoming play. however, for now i will remove it from the active trades category to be revisited at a later date.