Netflix Breaches Major Support And Tanks

Betflix Inc. NFLX shares are trading lower by $2/80 at $91 in Tuesday's session. There is no specific news to account for the steep decline. Instead of the decline appears to be technical in nature. In six of its last seven trading session, it had bottomed in a narrow range between $93.29 and $93.65, the one out-liar being Friday's low of $94.20. After a slightly higher open, it immediately peaked at $93.88 easily sliced through the multiple low area. The selling accelerated once it breached that level and the issue was trading in the mid $91 handle by 10:15 AM. It has went on to make a new at $90,77 and is struggling to distance itself from that level. If the decline continues, there may be additonal support at its May 20 low of $89.98.