Despite Netflix, Inc. NFLX’s pullback from its all-time high of $133.27 back in December to its recent lows of around $101, the S&P 500’s top performer of 2015 is holding up relatively well in an extremely weak market, particularly for tech stocks, so far in 2016.
However, with Netflix currently trading in the middle of its range over the last six months, traders are watching for any signs of a break in either direction for Netflix.
According to data from Call Level, the majority of users have notifications set for Netflix in the $117 to $120 range, indicating that these levels are important for traders watching Netflix.
Related Link: Is Netflix's Chart Finally Breaking Down?
Why are those levels the most important? With the stock’s 200-day simple moving average currently sitting at $117.53, a breakout above this level could indicate a push to re-test $133 is on the way.
Conversely, for Netflix bears, if the $120 resistance level holds again like it did in early January, selling at that level and looking for a move down to $101 could be a nice, quick trade.
Disclosure: the author holds no position in the stocks mentioned.
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