Replies to post #61223 on Options Wonderland

[theparty]

Thanks Much D, truly appreciated :-)

Daily level is not confirmed yet? is it?

[dalcindo]

Re: NFLX

Look for a possible head and shoulder (H&S) completion. In this assumption, consider recent high as Head, with left shoulders in mid-August and early September.

If DAILY chart confirms H&S formation, look at 150, then 140 as significant support level, with NECKLINE running at LOWS of early JUL and late AUG 2010.

A BIGGER H&S formation may also be construed with recent high as head, right shoulders in mid-JUN 2010, and with NECKLINE running at the LOWs of May and JUL 2010.

Consider 2 to 3 stop loss at or above next LOW overhead; consider triggering a long position at next condle formation AFTER neckline fails support.

Note a trading advice. All subjective opinion, of course. Do your own DD.

Hope this helps.

D.