NFLX- Swing Trade at Major Historical SupportNetflix, Inc.BATS:NFLXArthurshLooking at the weekly chart we see that the price is approaching a key resistance at $70.2. The price $70.2 has been tested multiple times in the past but as a strong resistance, so it's very calculated bet to assume that the price will find a support around this area. A few factors strengthen this setup: 1. Oversold conditions after a sharp correction- The stock has declined approximately 33% over the last two months, while the weekly RSI is currently sitting at 30.66. When a heavily oversold stock reaches a major support area, the probability of seeing a meaningful relief bounce increases. 2. 200-week moving average confluence- 200-week moving average is sitting almost exactly at our key level of interest $70.2. This confluence between a major historical level and a long-term moving average creates a strong technical support zone that could be difficult for bears to break through. Trade idea: The ideal scenario would be a "kiss" of the 200-week moving average followed by a bounce, but the reversal could happen before reaching it. Risk management: My stop-loss is set at $67.5, which would represent a clear breakdown below the 200-week moving average and invalidate this trade idea. Target: My target is the midpoint of the current range between $70.2 and $106.45, which sits around $88. This is a traditional technical target, as price often tends to gravitate toward the middle of a range after bouncing from the lower boundary.