Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Netflix, Inc. NFLX shares were trading sharply lower by $21 (3 percent) at $657.61 in Thursday's session. Carl Icahn interrupted the torrid rally in the issue on Wednesday when he revealed he had exited the issue.
Citigroup added to the downside momentum by downgrading the issue from Buy to Neutral with a $272.
Bears seized on the downgrade and instigated a sharply lower open ($668.37 vs. Wednesday's close of $678.61) and after a brief pop to $672, another wave of sellers flooded the issue.
So far it has reached $655 and rebounded over $656. The current low coincides with its June 16 low ($655.84). If the current low is breached, there is no identifiable support until its June 15 low ($641.61).
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
