Netflix, Inc. (NFLX) is under heavy pressure Wednesday morning following a content strategy shakeup from Walt Disney Co (DIS) . The stock opened the session with a nasty downside gap, leaving behind layers of supply in the process. Unfortunately for bulls, this rather damaging move will likely take some time to work through.

However, when the process is complete, patient investors will be rewarded with a very low-risk entry opportunity.

After a rather weak June, NFLX stock dipped down to a major support zone in early July. This key area, just above $145, held up extremely well as a ten-week consolidation pattern ended. As the mid-July earnings report neared, NFLX stock was back in rally mode. On July 18, Netflix ramped over 13% on the overwhelmingly positive report, leaving behind another solid support zone. As Wednesday's selloff plays out, this area will be tested.

In the near term, patient investors should keep a close eye on the $167 to $163 region. This key support zone includes the May and June highs near the upper band and the powerful July 18 earnings-inspired breakout gap at the lower band. Also in this zone is the 50-day moving average. Once this area is reached, a very low-risk entry opportunity will be at hand. On the downside, a close back below $160 would be a clear warning sign that overhead pressure has taken control of the action.

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At the time of publication, Morrow was long Netflix. 

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