NFLX Options Signal $92–$100 Battle: How to Play the Warner Bros. Acquisition Volatility

• NFLX trades at $93.49, down 0.96% from $94.39, with RSI at 18 (oversold) and MACD trending lower
• Options show heavy call OI at $96–$100 and put OI at $92, hinting at a key price battleground
• Jefferies’ $134 price target and refinancing news could spark a short-term rebound

The stock is caught in a tight squeeze between bearish momentum and acquisition-driven optimism. With options positioning heating up around $92–$100 and a $5B refinancing move, today’s $93.49 price could be a setup for a volatile bounce—or a deeper pullback. Let’s break it down.The Options Imbalance: Bulls and Bears Dig In at Key Strikes

Options market makers are betting big on a $92–$100 price fight. This Friday’s expirations show NFLX20251226C96 (9,877 contracts) and NFLX20251226C99 (9,066 contracts) as top call favorites, while NFLX20251226P92 (3,313 contracts) leads puts. The 1.07 put/call OI ratio isn’t screaming panic, but the heavy concentration near $92–$96 suggests smart money expects a near-term test of support/resistance.

Here’s the twist: The next Friday chain ($2026-01-02) shows even bigger positioning at NFLX20260102C100 (8,216) and NFLX20260102P88 (1,971). This hints at a longer-term bet that NFLX will either rally past $100 (if the Warner Bros. deal closes) or face a sharper correction if financing hurdles emerge. No block trades to worry about—yet.

Warner Bros. Drama Fuels the Narrative

The $82.7B acquisition isn’t just a headline—it’s a liquidity event. Jefferies’ $134 target and the recent $5B credit facility show Netflix is serious about funding this deal. But here’s the catch: The stock’s 3.4% drop on Dec 8 (when the $72B equity deal was announced) still lingers in memory.

Analysts expect Q4 earnings to pop 27.9% to $0.55/share in January, but that’s contingent on the deal’s approval. If regulatory hurdles pop up, the $92 support level (lower Bollinger Band at $88.21) could crumble. On the flip side, a clean acquisition approval might push NFLX toward $100.12 (middle Bollinger Band) or even Jefferies’ $134 target.

Trade Ideas: Straddling the $92–$100 Crossroads

For options players, the NFLX20251226P92 and NFLX20251226C96 strikes are your short-term sweet spot. If NFLX holds above $93.19 (today’s low), consider buying the NFLX20260102C100 call for a 1–2 week hold. Why? The $100 level is just 7% above current prices but sits at the edge of the 30D resistance range (92.71–114.0058).

Stock traders: Look to enter near $92.71 (30D support) with a tight stop below $91.50. If NFLX breaks above $96.50 (midpoint of today’s range), scale into longs with a target at $100.12. The 200D MA at $1,022.91 is a distant ceiling, but the 30D and 100D averages ($307.55, $925.97) suggest near-term volatility, not a sustained bull run.

Volatility on the Horizon: Eyes on the January 20 Earnings Date

The next two weeks will test NFLX’s resolve. A clean acquisition approval could send the stock surging past $100, validating the heavy call OI at NFLX20260102C100. But if financing talks stall, the $88.21 lower Bollinger Band becomes a critical line in the sand.

Either way, the options market is pricing in a $92–$100 battle. For traders, that means staying nimble—scalping the $93.19–$94.70 intraday range today, then pivoting to directional bets as the Warner Bros. drama unfolds. The key takeaway? This isn’t a long-term buy—it’s a high-stakes poker game with $5B on the table.