Looking at the chart of the stock on watch today and you might think it looked rather bullish, but not when you drill down and establish some important levels. As you’ll see in the video included here, the stock’s price has been generally moving upward in a pretty tight channel.

However, Netflix’s (NFLX) stock has broken several key supports recently and could be headed to 300, possibly 275 if the lower range of this channel is broken. The level that matters is from several months ago when NFLX gapped down, the last level it was holding before this decline has now come back into play.

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