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21.01.202216:31 Forex Analysis & Reviews: NFLX stock price plummets towards $400 after earnings.

At he beginning of January we warned traders that NFLX stock price was breaking out of a wedge pattern and provided us with a bearish signal. On January 13th we came back with another warning for NFLX bulls warning them that the coming weeks could be ugly for the stock.

Exchange Rates 21.01.2022 analysis

Black line -resistance

Blue line- support

Black horizontal lines - Fibonacci retracements

Last night NFLX announced its earnings report which was disappointing for most analysts, sending the stock price towards the $400 level in after hours trading. Today price is set to open around $400-$420 right around the 61.8% Fibonacci retracement of the entire rise from $231 to $700. After such a gap down open, I would prefer to take my profits and wait, as there are increased chances of a strong bounce higher as this is a major Fibonacci retracement level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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