Fibonacci Confluence Levels on Netflix

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As I mentioned in yesterday’s post of the FAANGs, volatility is on the rise for all of them, including Netflix (NFLX).

The weekly chart below shows the confluence levels of two sets of Fibonacci retracements…around 273235210 and 174. These levels also intersect with the lines parallel to the median of the Andrew’s Pitchfork channel, and the median, itself.

A drop and hold below the first at 273, combined with an accelerating decline of the momentum indicator, may see a retest of 235, or lower.

Other factors to consider for NFLX and the rest of the FAANGs are outlined in my above-referenced post.

We’ll see if the latest addition to their Board of Directors is an asset or a liability to their stock price over the weeks ahead.