 Welcome traders to Tick Mill's all-new earnings release previews with me, Patrick Munray. These updates will be previewing the major market player's earnings releases, identifying the key aspects of the earnings report. We'll also be reviewing market sentiment as viewed from the options market, along with the statistical stock trading patterns that occur around earnings releases and we'll be wrapping up with the key technical levels that may provide trading opportunities post the release. Before we jump into the material today, it's important that we adhere to the risk disclaimer. All material provided is for information purposes only and should not be considered as investment advice. Views, information or opinions expressed in this recording belong solely to me and they are not indicative or representative of those held by Tick Mill UK or Tick Mill Europe Limited. So let's jump in and start things off with a look at the Netflix earnings. Netflix will report first quarter earnings after the bell in the US today close of trading New York time. The company has a projected revenue of $7.9 billion and earnings per share of $2.90 billion. The current street consensus as trapped by fact search actually calls for $7.94 billion in revenue and they are looking at consensus earnings estimate of actually $2.92 per share as opposed to the company's projected $2.90. There's actually a whisper number of it being a little bit higher potentially as high as $2.99 per share. The company's outlook for the June's quarter's net subscriber additions is likely going to be the key focus for Wall Street. Current consensus calls for 2.5 million net ads. Keep in mind though that the second quarter has historically been weak for Netflix. Last year the company added just 1.5 million subscribers in the June quarter which was the low point for the year. In 2019, prior to the pandemic, June quarter was also no simply weaker than the other three quarters in the year. Let's take a look at what we can expect in terms of the quantitative or statistical trading patterns around the release. Stock has actually gapped lower 9 of the last 12 quarters so 75% of the time for an average loss of 3%. Shares have moved lower in the immediate aftermath of the earnings 10 out of the 12 previous reports. On average the stock moved down 3.9% in the first day of trading after the company reported earnings. Based on the previous 12 earnings releases shares are more likely to trade higher one day after the earnings report for an average 0.2% gain. From the options market we can get a sense of what we can expect in terms of volatility in price movement around the release. Implied volatility at the moment gives option traders pricing a 9.9% move on the earnings and the stock has averaged a 9.7% move in recent quarters. Moving to the actual options flow and what we're seeing in the market. Last Tuesday, April the 12th, there was some notice of civil buying, specifically $6,288 contracts of the $250 put expiring Friday, May 20th, 2022. So the options order flow sentiment at the moment is bearish. Investor sentiment going into the earnings release is also soft with only 38% of the investors expecting the earnings bid. Although short increase, short interest sorry has decreased by 8.1% since the company's last earnings, while the stock has actually drifted lower by 14.8% from its open following its last earnings release to be down 35% below its 200-day moving average at $525. So let's now take a look at the technical setup. What I'm actually looking for is if we factor that potential 10% move, so the closing price there of $337.86. So we can think about a $34 move potential here on the earnings. So if we get that weaker number in terms of subscriber growth, which will likely be way on the stock, I'd be looking for a push down into this descending trend line support here where we could potentially set up an ending diagonal pattern. So I'd be watching Freddie move into that $300 area, $310 watch for bullish reversal patterns there into the close tonight to actually set up the potential for long positions, initially targeting the descending trend line resistance coming at $365. If we can then find support on any pullbacks looking for that break off the descending trend line resistance should take us up into high volume low test there of $392 just above their $399 being the monthly projected range resistance. However, if we do get a really weak report and we take out this trend line support on a closing basis, so through that $300 level, then what I'd actually be looking for is to test down into the $229, $230 area and that $250 put would come into play there. So that will be the downside scenario if we do get a weak report. As always traders, plan the trade, trade the plan and most importantly manage your risk. Until next time, thanks very much.