You won't want to miss this flick!
We're back with another trading week and we got the top trade idea. We actually even saw and spoke about this idea on Friday!
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Happy first trading day of the week! We hope you had a great weekend and enjoyed yourselves. Today we are going to look at a potential AI play that has issues because its facing backlash from actual humans that are in fear of losing their jobs.
It's a very straight forward play, $NFLX has a rising wedge AND a head and shoulders pattern on the chart. We are short below $428 with a short term target of $412 with August 18th $412 Puts and a longer term target of $365 (Fibonacci retracement) with a gap fill at $386 we'll see if we get a bounce there. The 200 SMA is around $352 (will change as time moves on) so we'll see if that is an area where a lot of buyers want to step in.
Simple and straight forward, short below $428, especially if we see a bounce Monday. The Weekly chart gives us a better look on a longer term time horizon. Last weeks hammer reversal broke to the downside which is BEARISH and not bullish, remember price follows the path of least resistance, with overhead supply and targets getting hit on the $QQQ we are watching this stock the downside.
As always I am happy to answer questions you have in the private discord (@wizdaytrader) and in the blog post below.
Thanks for reading and remember to trade confidently!
Essex Trading Quote of the Day (#EsxQotD)
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