Netflix (NFLX) - Get Report , which is Real Money's Stock of the Day, is under early pressure on Monday, following the Emmy awards show Sunday night.

Shares are down 1.3% to $267.22 in early Monday trading. 

HBO, which is now a property of AT&T (T) - Get Report , took home 34 awards on Sunday after receiving 137 nominations. For Netflix's part, the company won 27 awards out of its 117 nominations.

It wasn't exactly a bad showing from Netflix, particularly given that HBO had the final season of Game of Thrones to lean on.

It's worth mentioning that AT&T stock is also down on the day, slipping 75 basis points to $37.63, while Amazon (AMZN) - Get Report is also down 1% to $1,776. The latter scooped up 15 awards in Sunday's Emmy show.

Although Netflix will have to wait a year to potentially turn the tables at next year's Emmy show, it won't have to wait that long to turn its charts around. The question is, can bulls step up?

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Trading Netflix Stock

Daily chart of Netflix stock.

Earlier this month, Netflix stock broke over downtrend resistance (blue line), a mark that had been in place since the stock's dead-cat bounce after reporting disappointing earnings.

However, we've seen a short-term range development in NFLX stock, with support at $285 and resistance near $300. On Friday, we saw the former give way, as shares blew through support and hit a low of $266 before bouncing. In breaking below range support, Netflix stock also fell back below downtrend resistance.

In short, it hasn't been a pretty run for Netflix since the company reported its quarterly results in July. But does the action still make it a sell?

Bears need to be careful with this one as it's already down so much and hovers just above potential support. If the stock breaks below Friday's lows, it could certainly trigger more downside. But be aware that the 78.6% retracement is not far below current prices, at $264.52.

Should Netflix stock close below that mark, then it may usher in a flush down to its 2019 lows near $258. Below that and its 52-week lows around $231 are technically possible.

However, a look-below-and-fail scenario could develop, which is a situation where a stock briefly breaks below support before quickly recovering. That may occur in NFLX stock if it briefly dips below the 78.6% retracement, and then reverses higher.

If Netflix stock does rally, look to see how it handles downtrend resistance and prior support near $285.

The bottom line: Below $264.50 is bearish, while above it keeps open the possibility of a bounce.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.