NFLX remains risky below declining MAs; a dip to ~64 to clear stops may mark the beginning of a bottom.

In that same context, I saw a question about this stock, something I wanted to ask along those lines myself. Uh, Netflix has been dealt with quite harshly, my dear Brian. And looking at the weekly chart, I have the weekly chart in front of me because I find it a bit clearer, as I want to be able to zoom out to see the 2021 high, somewhere around that 70-dollar level.

There was a breakout in 2024 at that 70-dollar level, and it is now barely holding its ground below this area. Look, part of the short-term trader is saying: "Okay, we are consolidating underneath.

There is a downward breakout here." If it were to break through, would you see a dip, or is it worthless unless it holds its ground here a bit?

I think we have already more or less tested this key level, and that is when we look at the 2022 low and head there and do the same thing we just did with Moderna , namely a Fibonacci, but on a much larger scale.

The 61.8% retracement comes out pretty much at this level here, you know . And that is also, you know, we have the anchor from the 2022 low and then the transfer here, and that was a level that was tested previously and from which the price rebounded.

So you might return to this zone, and what would be even better is a slight underbid of this low to take the stops lying below it. You know, people who bought all the way up here and placed their stopper underneath still have that stopper standing there.

They will probably be stripped of their shares . So, you know, a slight underbidding of that level around 64 and then I think you can start to see that it, you know, is really starting its bottoming process.

But it is still a bit dangerous. It lies below the declining 20-, 50-, and 200-day moving averages. So I would like to see it test this July low before it makes its bigger turn.