NETFLIX - Distribution nears completion?
1. A buying climax with spike of supply stopped the up move in Jul 2020.
2. Gap down with huge supply reacting the earning created a supply zone.
3. Decreasing of supply together with the volatility till Aug 2020 cause a rally to test the resistance created by the buying climax.
4. Big bullish bar with spike of volume (with increasing supply) failed to touch the high at 574, suggested selling into strength. Subsequent down swing tested the support with increasing supply.
5. The next rally up only created an up thrust (false breakout) of the previous swing high at 557.
6. Gap down with huge supply.
7. Another attempt to rally with increasing volume but failed right at the next bar could suggest last point of supply before marking down.
Notice the supply zone at 2, 4, 6 & 7 posted strong resistance. To violate the bearish scenario, NFLX needs to commit above 525. A break below support at 466 would see NFLX finding support at 410-420.
2. Gap down with huge supply reacting the earning created a supply zone.
3. Decreasing of supply together with the volatility till Aug 2020 cause a rally to test the resistance created by the buying climax.
4. Big bullish bar with spike of volume (with increasing supply) failed to touch the high at 574, suggested selling into strength. Subsequent down swing tested the support with increasing supply.
5. The next rally up only created an up thrust (false breakout) of the previous swing high at 557.
6. Gap down with huge supply.
7. Another attempt to rally with increasing volume but failed right at the next bar could suggest last point of supply before marking down.
Notice the supply zone at 2, 4, 6 & 7 posted strong resistance. To violate the bearish scenario, NFLX needs to commit above 525. A break below support at 466 would see NFLX finding support at 410-420.
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