Netflix (NFLX) - Get Report has been on fire for the last two weeks. Since bottoming on May 12, the stock has surged 20% in nearly a straight line. This powerful move has driven the stock to within pennies of an extremely heavy resistance area.

For patient Netflix investors, a pullback from this area will produce a much lower-risk entry opportunity than currently available.

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Netflix's big rally off the February lows ended abruptly on April 19. The stock collapsed that day after opening the session with a huge breakdown gap. This earnings-inspired flush dropped the stock over 12%. The downside momentum carried through to the end of the month and, after a brief rest in early May, appeared ready to take control again on May 12. Netflix managed to hold just above $85 and quickly return to rally mode as a new week began.

The impressive recovery move off the May low will soon reach a declining 200 day moving average. This long-term indicator marks the lower band of the resistance zone. At the upper band is the extremely damaging earnings breakdown gap near $106. Also in this area is the December low at $105.20. Netflix investors should expect a healthy pullback from this area. Initial support is near the $100 level, but a deeper fade is quite possible.

In the near term, it may prove wise to stand aside until the pullback and consolidation phase plays out. Once it's complete, a low-risk buying opportunity will present itself.

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