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Downtrend ExhaustionArchive
- 4/19/2024 -
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NetFlix Inc (NFLX) Technical Analysis
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| Summary:
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| | It was the negative week for the NetFlix Inc (NFLX). During the week, the NFLX dropped -67.79 points, or -10.88%, and closed at 555.04 on Friday, April 19, 2024. Weekly volume was 29% above 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 639.00 on April 8, 2024. NFLX gained -476.29 points, or -292.72%, in 99 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 415.73 and resistance is at 662.59. 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 639.00 on April 8, 2024. NFLX gained -294.27 points, or -85.36%, in 24 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (651.15) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. NFLX may retest the broken support line. It is considered to be a resistance line now. 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 support in a medium-term trend.
 Weekly Technical Indicators: [See NFLX weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. 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 link to access Lane's Stochastic 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 low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See NFLX short-term trend chart]
A short-term downtrend had started on April 12, 2024 at 633.12 and reached 552.16 on April 19, 2024. NFLX lost 80.96 points, or 12.79%, in 7 days. Price is near the trend low.
 Daily Technical Indicators: [See NFLX daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since March 5, 2024. This is an indication that the short-term trend is down.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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