The bearish DailyPlay we chose for Wednesday June 21st is Netflix (NFLX). NFLX is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 0.50% move higher and its 1m and 6m trend has bearish and neutral while bouncing lower off its $91 resistance.
Netflix’s 1m and 6m trends turned bearish on 6/12 while breaking below its $155 support level which now becomes resistance. With a technical score of 8 (out of 10), NFLX is a strong bullish stock that is starting to turn lower.
As a stop loss, if NFLX was to trade above $155 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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