NFLX (Netflix Inc.) will be added as an Active Short Trade on this breakdown below the 60-minute rising wedge pattern. At this time, the sole price target is T1 at 153.15 although based on the scope of the large rising wedge & powerful negative divergences on the daily time frame, additional price targets may be added to this trade. 60-minute & daily charts below:
For those only interested in a quick pullback trade, as the primary trend in NFLX, as well as the Nasdaq 100 which it is a component of, remains bullish, there is a gap support zone that comes in 2½-4% below current levels which is a very high probability target.
The suggested stop for this trade will be any move above 170.10 with a suggested beta-adjusted position size of 0.90.