Below is a five-year price chart of Netflix (NFLX). After surging from the high-$40s up to $130 from January 2015 to early December 2015, Netflix formed a new downtrend that has taken it into the mid-$80s multiple times this year. The stock’s most recent bounce, though, has pushed it above the top of its downtrend channel. Look for a series of higher highs and higher lows over the next few months as NFLX attempts to establish a new uptrend. Bulls can continue to treat $82 as a downside stop since that’s its 2016 low point. There’s not a lot of support until the high $60s if the $80-$82 range is broken.