JustOffTopic

NFLX crunch time

NASDAQ:NFLX   Netflix, Inc.
After a wild ride today, opening at 410.38, Netflix proceeded to fall, dropping through its first 5-day support(409.03), dropping AGAIN through its second 5-day support (403.44), then about half way to its third 5-day support (393.76) where it finally started to turn around at its day low of (397.86). Now we sit at (419.89).However, the rise might not be over. I am seeing plenty of resistance in the 5-day trend. First 5-day resistance is at (424.09). The second 5-day resistance is at (434.20). The Third 5-day resistance is at (439.79). As we stand, Netflix is currently right in the middle of the 5-day resistance and support. If it breaks resistance, I believe it will jump up to the 460 area. If it breaks support, I believe we could be looking at a drop to the 384 area. The chart you are seeing is a 1 month look. I made adjustments on the 5day so if it looks weird, i'm sorry about that. This is just my theory, please let me know what you think in the comments!
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