Critical Swing Trader Support Test in Netflix NFLX Here

Aug 11, 2017: 12:06 PM CST

Netflix (NFLX) gives aggressive traders a chance to play a triple-support price level now.

Let’s pinpoint this confluence and plan the “departure” trade from this critical pivot:

Netflix NFLX

We’re seeing three factors overlap as probable support just beneath $170.00:

  • The 50% Fibonacci Retracement
  • The 50 day Exponential Moving Average (EMA)
  • and the Prior Price High from June 2017

I highlighted this event to members in our “Swing Trade Section” of our Daily Strategy.

Today, we’re seeing an initial bullish bounce along with the market.

For now, watch $167 and the $170 zone as critical support, playing the bullish departure “up away from it” with a confirmation breakout above $175.00.

However, the bearish ‘breakdown’ thesis triggers beneath $165.00 and especially $162.00.

Place your stops and plan your short-term trade(s) with these levels in mind.

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Corey Rosenbloom, CMT

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