Here I use my box strategy combined with Fib retracement.
NFLX stock price is in a long-term rising trend channel. However, it has been kept in a 465-575 range since June last year, hence the box formation. There was an unseccessfull box breakout attempt in January 2021 where the price reversed to a long-term support level.
Shorter-term Fib retracement was drawn from the low on May 2021 bounce and up to this day.
Pivot points:
0.786 level acted as a solid support.
0.382 showed a proper resistence level.
0.236 level which matches supply level of the box at 575 was viciously broken.
Now I believe the price is overextended.
I expect it to return to the 0.236 level at the very least.
If overall market situation is stable when that happens, I believe the stock will continue to grow higher. Trade wisely and good luck! ----------------------------------------------------------------------------------------------------------------- Disclaimer!!! This is not financial advise.