Potential for small bounce, but still Bearish
Netflix is down 22% from its high in November. There is a lot of downward momentum/pressure in this move and market structure is broken. Price has returned to the most recent Supply Zone, we've entered my "buy" zone, and sellers are ready to take a break--for now. I think a small bounce could happen from this level, but I'm expecting bearish momentum to carry the price deeper into the Supply Zone. I certainly wouldn't short here, but given all the negative energy, I'm not interested in NFLX until I see bullish divergence.
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These are my personal views and not financial advice. Please do your own research before investing.
I'd love to hear your thoughts, ideas and feedback. Feel free to Comment and I'll try and get back to you quickly.
If you appreciated this analysis, consider Liking or Following. Thanks!
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