NFLX closes below its opening price unable to hold early session gains


Netflix Inc. (NFLX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
NFLX breaks key support level
NFLX closes below its opening price unable to hold early session gains
NFLX runs into sellers again around 330.45
NFLX falls to lowest close since May 4th
NFLX closes within previous day's range
TQ Sentiment
Report Sentiment: 44% Bearish
Technical Forecast:
Overview

NFLX ended Thursday at 325.22 losing $2.97 (-0.9%). Today's closing price of 325.22 marks the lowest close since May 4th. Trading $2.92 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NFLX
Volatility

Thursday's trading range was $7.28 (2.22%), that's slightly below last trading month's daily average range of $8.64. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.

Support/Resistance

Breaking below the key support level at 325.79 today, it is now likely to act as resistance going forward. After having been unable to move above 329.72 in the previous session, Netflix ran into sellers again around the same price level today, failing to move higher than 330.45.

Trend

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

Order Flow

Buying could accelerate should prices move above the nearby swing high at 332.06 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 322.43 where further sell stops might get activated. With prices trading close to this year's high at 338.82, upside momentum could accelerate should the market be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Netflix Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bearish High-Wave Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
6 Consecutive Lower Closes TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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