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Netflix Breaches Major Support And Tanks

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Netflix, Inc. NFLX 2.96% shares are trading lower by $2.80 at $91 in Tuesday's session. There is no specific news to account for the steep decline. Instead, the decline appears to be technical in nature.

In six of its last seven trading sessions, it bottomed in a narrow range between $93.29 and $93.65, the one outlier being Friday's low of $94.20.

After a slightly higher open, it immediately peaked at $93.88 and easily sliced through the multiple low area. The selling accelerated once it breached that level and the issue was trading in the mid-$91 handle by 10:15 a.m. ET.

It has gone on to make a new low at $90.77 and is struggling to distance itself from that level. If the decline continues, there may be additional support at its May 20 low of $89.98.

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