NFLX potential breakdown below critical support

NFLX has bounced a few times from the $341-342 level as buyers have continued to protect a deeper sell-off. This is most evident in the false breakdown on June 3 where price fell to around $331 but quickly snapped back above the $341 level the following day. That being said, NFLX has repeatedly failed to move higher off of this support level and is in danger of a bigger move lower. The May 22 rejection of the $370 level was the first failed attempt to move up which was then followed by the outside reversal on June 10. If the $340 level does give, the $300 level comes into play, possibly even lower. Keeping an eye on this one in the coming days for either a bounce and attempt at the $370 supply line or a breakdown and waterfall to $300. There are a couple potential ways to play it: long on a bullish move, or another false break, at the $340 level; short any weakness at the $365-370 level off the bounce; short on a retest of the breakdown (if it comes). Either way, we should know something pretty soon.

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Again NFLX has been turned back by the $370, decent opportunity take another sell here and see if that $340 level gives out (if reached again). Obviously a daily close at or above $370 will render this idea false. Interestingly, the volume at the open today (120k shares - hourly chart) was the highest since 4/12 at the open which coincided with an eventual short term bottom; doesn't mean we're going lower but the gap up today on heavy volume was met with substantial selling and we've gone straight down since. Still looking lower.