NFLX rises to highest close since September 19th
Netflix Inc. (NFLX) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NFLX finished the week 3.72% higher at 282.93 after gaining $2.45 (0.87%) today, slightly underperforming the Nasdaq 100 (1.34%). Today's close at 282.93 marks the highest recorded closing price since September 19th. Trading $3.07 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Tuesday, NFLX lost -1.18% on the following trading day.
Daily Candlestick Chart (NFLX as at Oct 11, 2019):
Friday's trading range has been $5.53 (1.94%), that's far below the last trading month's daily average range of $9.13. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NFLX.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Netflix. Out of 314 times, NFLX closed higher 51.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.55% with an average market move of 2.93%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are AAPL gaining 2.66% and FB closing 2.31% higher. None of the markets ended the day in the red. Read more