NFLX holding on, but for how long?

NFLX had a run after finally finding a way to stop and monetize password sharing via an ad-based subscription. Now, where does it go from here? In this content war, where companies are jockeying for the best scripts and distribution rights, NFLX still has a leg up being the first one with legacy viewers. DIS has the most content, but it still faces a challenge balancing the profit of that segment compared to NFLX.

Bullish Case - The trendline is a little sharp, but it is still holding. The price is trapped against resistance but can retest 450 after breaking the 442.47 resistance. It looks like a scallop breakout, and this should stay on path. The worst-case scenario would be consolidation to gain support before the retest.

Bearish Case - A double top is ready to break down, yet bulls are still holding onto this weak trendline in hope. When we break down from 411.91, we can test 400. There's no way to consolidate because the measured move provides a better risk-to-reward ratio.

Conclusion - This is looking for support. It could find it, but the trendline is too far up. Playing it based on the breakout is the best way to trade here. Getting in early is a guessing game, let the chart be your guide.

Bullish above - 442.47
Bearish below - 411.91

Comment:

Though it triggered my alert, I didn't look to trade this with the fact that it did hold and close above. Almost took it Thursday because it bounced well but the run is so long I wanted something significant.

Comment:

Earnings is right around the corner... **SO BE CAREFUL** it can reject at the supply area.