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Technical Analysis – Netflix stock eases slightly

Netflix 15/04/19 | EconAlerts

Netflix stock eases below SMAs in a neutral bias.

Netflix stock price posted a significant red day on Friday, heading below the short-term moving averages in the daily timeframe, creating a neutral bias. The RSI indicator dropped beneath the 50 level with strong momentum, while the MACD oscillator is weakening below the trigger line over the last three months, but it is still developing in the positive territory.

If the market extend losses, support could be met between the 23.6% Fibonacci retracement level of the up leg from 230.60 to 379, around 343.80 and the 340 level. A significant leg below this area could send prices towards the 38.2% Fibonacci of 322.12.

On the flip side, if the pair bounces up, immediate resistance could be met at the five-month high of 379 ahead of the 386.30 level, taken from the highs on October 2018. A jump above these lines would endorse the short-term bullish bias.

In the bigger picture, the stock is positive as long as it holds above the 20- and 40-week SMA, around 329 which are ready to create a bullish cross. In case it violates this cross, bears could take the upper hand.


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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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