NFLX (Netflix Inc.) offers an objective short entry on this impulsive breakdown below the uptrend line following the divergent high. An alternative entry or add-on to a partial position taken here would come on a break below the 176.44 support OR following a 3-4% bounce off the first tag of that level.
NFLX daily Dec 4th
Price targets are T1 at 174.10 & T2 at 147.90 with the possibility of additional targets to be added, depending on how the charts of NFLX & the broad market develop going forward. The suggested stop is any move back above 192.60 with a suggested beta-adjusted position size of 0.90.
NFLX weekly Dec 4thNFLX
NFLX is also breaking down below the primary uptrend line on this more significant 10-year weekly chart. A solid weekly close below (end of day Friday) will confirm a powerful sell signal on this stock with a minimum drop of 28% from current levels & possibly much more.