Did NFLX Put in a Bull Trap in Reaction To Earnings?
NFLX is following the script we discussed before the open, but not the bullish one. My work argued that NFLX needed to hold support in the 380 area, which represents the upper boundary line of July-Oct. Coil Formation. A sustained press beneath 380 will point NFLX towards a test of its 20 DMA (359.02), which has occurred. So far, the 20 DMA appears to be containing the weakness off of last eve's post-EPS spike high at 405.00. All eyes on 359-360 during the PM session. The best case for NFLX will be a rally and close above 380. The worst case will be a close beneath 359.00... Last is 359.90-360.15