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Last week NFLX was on the spot light for all the wrong reasons. Price plummeted towards $350 while two months ago it was trading around $650-$700. In previous posts we warned traders that a reversal was imminent and that the warning signs were there. Our bearish signal came when price broke below $580.
Blue lines- bearish channelBlack lines -Fibonacci retracements
NFLX is in a bearish trend making lower lows and lower highs. Price has formed a bearish channel in the Daily chart. Price got rejected at the upper channel boundary and 38% Fibonacci retracement of the last leg down. Both are bearish signals. As long as price is below this week's high, we remain bearish NFLX looking for at least a retest of the $350 area if not a move lower.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
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