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Outlooks On NFLX & AMZN

NFLX: What was once oversold has now become overbought but those periods of price action can last longer than you might expect so I’m open minded to even more momo here. Anything > $400 targets upside res tests @ $405-$407, $410, $414-$417, $420. Losing $400 targets sup tests @ $395, $390-$387, $385, $382-$380. There’s been a big bounce and a new uptrend established so there could be a big pullback without breaking the new uptrend. Key immediate term trend support resides between $380-$370 and will be moving higher week to week (as long as the uptrend holds). Have to see what a pullback looks like to get an idea of a clearer reference point support area.

AMZN: Broke first downtrend res and the door is now open for a much greater bounce back towards the $330-$350 area in the coming week(s). Holding $310 or breaking out at $313.50 targets res tests @ $315-$316.50, $322-$325, $330, $337-$340. Losing $310 targets sup tests @ $305-$300, $296-$293, $290, $287-$284. Has lagged behind other tech bounces that are playing out but now has a nice base and potential breakout in place which could result in some very nice upside. Conversely, any return of broader tech weakness likely sees AMZN get hit especially hard.

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