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NFLX Options Puts Analysis

I think NFLX is overbought and in need of a correction here. However, I still see a lot of bullishness still. I have a feeling that an options puts trade would work out, but I don’t think this is the safest entry. I think NFLX and the markets could start trending down next week. NFLX is forming a bearish weekly candle below a $615.32 resistance level. My key price target on the way down is $585-$587 and I think this could turn into a dead cat bounce for NFLX to drop lower. Not a bad trade to consider, but NFLX has been holding up pretty good and is one of the more bullish stocks in the market.

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