The Greedy Trader Weekly Analysis
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Uptrend Broken Support

Uptrend Broken Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

Archive
- 3/15/2024 -
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NetFlix Inc (NFLX) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtRelative Strength Index bearish divergence
Daily :Williams' Percentage Range is strongly overboughtThe price has fallen below the Parabolic SARPrice is near the Fibonacci 61.8% retracement level
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It was a first positive week for the NetFlix Inc (NFLX). During the week, the NFLX climbed 1.06 points, or 0.18%, and closed at 605.88 on Friday, March 15, 2024. Weekly volume was -40% below average.

Long-term trend: [See NFLX long-term trend chart]
A long-term uptrend had started on May 12, 2022 at 162.71 and reached 624.42 on March 4, 2024. NFLX gained -461.71 points, or -283.76%, in 94 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 403.48 and resistance is at 640.16. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See NFLX medium-term trend chart]
A medium-term uptrend had started on October 18, 2023 at 344.73 and reached 624.42 on March 4, 2024. NFLX gained -279.69 points, or -81.13%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (593.72) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See NFLX weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index has bearish divergence. Use the following links to access the Relative Strength Index help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See NFLX short-term trend chart]
A short-term uptrend had started on March 12, 2024 at 596.27 and reached 622.92 on March 15, 2024. NFLX gained -26.65 points, or -4.47%, in 3 days. Price is near the Fibonacci 61.8% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See NFLX daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range.

The daily MACD line is below its signal line since March 5, 2024. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.71
Williams' Percentage Range (W%R) 2.60
Strong Overbought
Lane's Stochastic (%D-Slow) 50.82
Greed/Fear Indicator (GFI) 68.97
Moving Average Converg./Diverg. (MACD) 16.42
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.15
Overbought Bearish
Williams' Percentage Range (W%R) 0.70
Strong Overbought
Lane's Stochastic (%D-Slow) 90.27
Strong Overbought
Greed/Fear Indicator (GFI) 84.50
Overbought
Moving Average Converg./Diverg. (MACD) 39.75
Trading Signals
Description Value Chart
Yearly Trendline Resistance 640.16
Parabolic System 623.35
Upper Bollinger Band 621.14
Weekly Stochastic Crossing 610.20
Daily Stochastic Crossing 609.88
Price 605.88
20 Day Moving Average 598.91
Quarterly Trendline Support 593.72
Lower Bollinger Band 569.86
50 Day Moving Average 557.18
Quarterly Trendline Resistance 556.42
Sector and Industry
Description Name Rank
Sector Communication Services 5
Industry Movies & Entertainment 45
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 596.27
Low Date 03/12/2024
High 622.92
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 549.00
Low Date 02/13/2024
High 624.42
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 461.86
Low Date 01/02/2024
High 624.42
High Date 03/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 556.42
Support 593.72
Low 344.73
Low Date 10/18/2023
High 624.42
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 640.16
Support 403.48
Low 162.71
Low Date 05/12/2022
High 624.42
High Date 03/04/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.