Netflix heading to retest the support - 06/05/2016 analysis

Netflix shares closed lower on Thursday by (-1.42) points or (-1.56%) from the previous closure, pushing the price to trade below the channel’s support, which the price moved within its range previously, causing the price decline passing the level 95.50, which the price trades below it now.

The preaching of the channel’s support pushed expectations for a further decline during the trades to target 88.00 support that represents the final target for the channel, which the price was able to achieve indeed, were the breaching of this level will drive the price for a further decline to target the next support at 80.00, but the failure of breaching the current support may push the price up to retest 95.50 resistance again.