NFLX closes below its opening price unable to hold early session gains
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.
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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.
|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|
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