I’ve just added NFLX June ‘23 Calls. Below are the trade details & chart.
NOTE: I did receive a lousy fill when placing a market order; your mileage may vary if you choose to take a similar trade.
I am counting an objective on the 60m PnF chart of $326, which may be a coinciding price of the declining 30-week SMA should it begin a rally soon.
I think there is a chance NFLX will try to rally up to the declining 30-week SMA. The momentum is deep, and the price has remained within the long-term channel.
I went with some dated calls (about a year out) to give NFLX enough time to work off current market conditions, should it need to accumulate further. I am not going to use a stop on this position at the moment but may take profits on a quick test of the 30-week SMA, should it occur. Depending on how the tape develops from here, I may also initiate a stop-loss later.
Details
Ticker: NFLX
Expiration: Jun 16, 2023 (339 DTE)
Strike: $280 (Delta 24)
Fill: $10.45 (I placed a market order and was filled at the ask— bid was $9.50)
Stop: No Stop