NFLX Breakdown or Bounce? July 13Netflix, Inc.NASDAQ:NFLXBullBearInsights NFLX is coming into the week under pressure after a sharp drop from the 76 area into 72.51. Price bounced from the low, but it is now consolidating around 73.40 and remains below the short-term descending trendline. For me, NFLX is still bearish while it stays below 75–76. Buyers need to reclaim that area before I would trust a stronger recovery. If 72.50 fails, the next move could quickly expand toward 70 because the GEX setup is currently less stable. Daily Chart The daily chart remains in a clear downtrend with lower highs and lower lows. NFLX has fallen significantly from the 108.95 high and recently tested the 70.86 area. The latest bounce has not changed the larger structure because price remains below the important 84–85 resistance zone. The first thing buyers need to do is defend 70.86 and build a higher low. After that, NFLX still needs to reclaim 76, followed by 80 and 85, before the daily chart begins looking healthier. As long as price stays below 85, I still consider rallies to be recovery attempts inside a larger bearish trend. 15-Minute Chart The 15-minute chart shows a sharp breakdown from around 75.50, followed by a selloff into 72.51. NFLX bounced from 72.51 and reached approximately 73.75, but price was unable to continue higher. It is now moving sideways near 73.40 and sitting directly under the descending intraday trendline. This is a tight decision area. A break above 73.75–74 could create a move toward 75, but I would still need to see NFLX hold above 75 before becoming more bullish. If price continues rejecting below 73.75 and loses 73, the 72.51 low could be tested again. Key Levels Resistance: 73.75–74, 74.96–75, 76, 76.42, 80, 82, 85 Support: 73, 72.51, 72, 70.86–70 GEX Positioning The GEX chart shows NFLX trading below the main high-volume level around 75. That makes 75 the most important pivot for the week. While price stays below it, the GEX structure continues to favor weakness and may turn 75 into resistance. The first upside call level is around 76. Above that, the next major levels are 80, 82 and 85. The 80 level is especially important because it appears as a major options level and could become a larger resistance zone if NFLX begins recovering. On the downside, 70 is the main put wall and the most important bearish target if 72.51 and 70.86 fail. The chart also shows negative GEX. That matters because negative GEX can allow moves to become faster and more volatile once support or resistance breaks. Instead of price staying pinned, momentum can expand in either direction. Bullish Scenario For the bullish setup, I want NFLX to hold above 73 and break the short-term descending trendline. A move above 73.75–74 would be the first sign that buyers are trying to regain control. The next test would be 74.96–75. This is the most important confirmation area because it lines up with the high-volume GEX level. A 15-minute close above 75 followed by a successful retest would give NFLX a better chance of reaching 76 and 76.42. Above 76.42, I will watch 80 as the next larger target. If NFLX can eventually reclaim and hold above 80, the next levels would be 82 and 85. Bearish Scenario For the bearish setup, I will watch for rejection around 73.75–75. If NFLX cannot reclaim that area and then loses 73, price could move back toward the 72.51 low. A confirmed break below 72.51 would increase the chance of a retest of the daily low around 70.86. If 70.86 fails, the 70 put wall becomes the next major target. Because GEX is negative, a clean break below 70 could create a faster downside move. I would avoid trying to catch the first bounce if price begins accepting below that level. Trade Considerations NFLX is currently trapped between support around 72.50–73 and resistance around 73.75–75. Inside this range, the price action may remain choppy and difficult to trade. I would rather wait for NFLX to clearly leave the range before choosing direction. For calls, I want to see price reclaim 74 and then confirm above 75. For puts, I want to see rejection below 74–75 followed by a loss of 73 and 72.51. The opening range and VWAP will be important. A breakout that cannot hold above VWAP could quickly reverse because the daily trend is still bearish. Options Outlook The chart shows IV Rank around 96.4 and average implied volatility near 52.4. That tells me NFLX options are carrying very expensive premium. Because IV is elevated, buying contracts while price stays sideways could be difficult. Even when the direction is correct, premium can lose value if the stock does not move quickly enough. I would avoid chasing contracts in the middle of the 72.50–75 range. The cleaner setup may come after price confirms above 75 or breaks below 72.51. Conclusion NFLX remains bearish on the daily chart, but it is trying to stabilize above 72.51. Above 75, I will watch 76, 76.42 and 80. Below 72.51, I will watch 70.86 and 70. The main decision zone this week is 72.50–75. A reclaim of 75 could create a short-term recovery, but another rejection followed by a break of 72.51 could send NFLX back toward the 70 put wall.