NFLX looks to be setting up for a nice short soon
NFLX has been resilient and remaining near ATH which not surprising with Sugar P's infinite money glitch. However, all good things come to an end, and I think a correction is in the works. Since the market doesn't give a cat's behind about fundamentals we'll ignore those for now.
You can see that it's presenting a very valid (IMO) head & shoulders pattern on the daily while up here at a high valuation. MACD is crossing to the upside here, so you should watch this before taking a short position, it may run up a bit more this week. In addition, if this breaks 460 the H&S pattern would be invalidated.
I like the 7/17 380p at this time as there is a strong demand zone on the daily around the 375 area. Daily supply and demand takes a bit to play out, but we could get some acceleration after OPEX if the market turns down a bit.
You can see that it's presenting a very valid (IMO) head & shoulders pattern on the daily while up here at a high valuation. MACD is crossing to the upside here, so you should watch this before taking a short position, it may run up a bit more this week. In addition, if this breaks 460 the H&S pattern would be invalidated.
I like the 7/17 380p at this time as there is a strong demand zone on the daily around the 375 area. Daily supply and demand takes a bit to play out, but we could get some acceleration after OPEX if the market turns down a bit.
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