NFLX continuation weakness after earnings
Fyndamentals:
Netflix stock plunged down after earnings report as the leader of streaming video companies offered weak guidancefor subscribers growth. But it is not the only reason. The arrival of Prime Video as a more direct competitor, as well as Amazon Prime can create some challenges for Netflix.
Technicals:
The price gapped down below 200 EMA and holds near the bottom - the sign of weakness. It failed to reverse as
IBM did. And may continue its weakness, especially if market will bounce off from resistance (now, it is curling down).
Trade Management:
With today's candle, it broke down support at $94.20 (which was an entry) with the STOP above $97.40 and TARGET (next important support) at $88. The risk/reward ratio is 1:2, that makes tjis trade attractive.
Netflix stock plunged down after earnings report as the leader of streaming video companies offered weak guidancefor subscribers growth. But it is not the only reason. The arrival of Prime Video as a more direct competitor, as well as Amazon Prime can create some challenges for Netflix.
Technicals:
The price gapped down below 200 EMA and holds near the bottom - the sign of weakness. It failed to reverse as
IBM did. And may continue its weakness, especially if market will bounce off from resistance (now, it is curling down). Trade Management:
With today's candle, it broke down support at $94.20 (which was an entry) with the STOP above $97.40 and TARGET (next important support) at $88. The risk/reward ratio is 1:2, that makes tjis trade attractive.
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