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Fibonacci Key Pivot Level Planning Chart for Netflix NFLX

If you’re trading Netflix (NFLX) as a swing or intraday trader, be sure to reference this short-term Fibonacci Retracement Level grid for the stock.

 

By Corey Rosenbloom

Here’s the Daily Chart with key Fibonacci Levels highlighted:

Our quick retracement grid above shows the 2015 to present price action and three Fibonacci Retracement grids drawn from swing lows to the August swing high near $130.00 per share.

While you can reference each individual Fibonacci Retracement as drawn, often the more important information comes from the confluence or overlap of Fibonacci Retracements.

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In this example, we have two Fibonacci Zones which include the following:

  • $94.00 and $98.00 per share (lower confluence)
  • $102.40 and $104.20 (mid-confluence)

Price is currently rebounding strongly off the mid-level confluence above $102.00 per share.

Beyond the Fibonacci Retracement Grid above, note the $115.00 per share horizontal resistance level.

If price clears this resistance barrier, look to trade another bullish breakout toward new highs near $130.00.

Otherwise, failure (resistance) here suggests a play back to $110.00 then the mid-level overlap again near $104.00.

No matter what other strategies you’re using to trade Netflix, use this as a simple reference (planning) chart.