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Thoughts on $NFLX and that 72.50 level
Been watching $NFLX pretty closely today. It bounced off that 72.50 area earlier, but it just looks... heavy. I mean, after that initial move up to 75.6986, it's just been a steady drip back down. That 72.50 level feels like a key support, at least short-term. If it can hold that through the close, maybe there's a chance for a retest of the earlier highs.
However, if it decisively breaks and closes below 72.50, I'd say that whole bounce idea is probably off the table for now. Could see it grinding lower towards 70 or even below pretty quickly if that support fails. Just my take, obviously, markets can do whatever they want.
3 comments · 1 points
It's difficult to see that 72.50 level holding if the broader market continues to show weakness. A bounce from there might just be a dead cat if the volume isn't there to support it.