NFLX ends the day on a bearish note closing near the low of the day


Netflix Inc. (NFLX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
NFLX tanks -4.28% closing $17.70 lower
NFLX breaks key support level
NFLX dominated by bears dragging the market lower throughout the day
NFLX breaks below 20-day moving average
NFLX closes lower for the 2nd day in a row
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, NFLX ended the week -3.05% lower at 395.80 after tanking $17.70 (-4.28%) today. This is the biggest single day loss in over two weeks. Today's closing price of 395.80 marks the lowest close since July 3rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 407.80, the stock confirms its breakout through the previous session's low having traded $12.72 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for NFLX
Volatility

Friday's trading range was $14.88 (3.64%), that's slightly above last trading month's daily average range of $12.76. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking below the key support level at 398.86 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. Netflix broke below the 20-day moving average at 402.48 today for the first time since May 3rd.

Order Flow

With prices trading close to this year's high at 423.21, upside momentum might speed up should the market be able to break out to new highs for the year. As prices are trading close to July's low at 380.00, downside momentum could accelerate should the share mark new lows for the month.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Netflix Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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