NFLX dominated by bears dragging the market lower throughout the day

Netflix Inc. (NFLX) Technical Analysis Report for Apr 16, 2018

Highlights

NFLX dominated by bears dragging the market lower throughout the day
NFLX runs into sellers again around 316.10
NFLX breaks below previous session low

TQ Sentiment

Report Sentiment: 75% Bearish
Technical Forecast:

Overview

NFLX ended Monday at 307.78 losing $3.87 (-1.24%) on high volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 308.23, the stock confirms its breakout through the prior session's low having traded $4.23 below it intraday.

Daily chart for NFLX

Volatility

Monday's trading range was $12.10 (3.83%), that's slightly below last trading month's daily average range of $12.35. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After having been unable to move above 317.49 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 316.10.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 317.49 where further buy stops could get triggered. With prices trading close to this year's high at 333.98, upside momentum might accelerate should Netflix be able to break out to new highs for the year.

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.

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