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Downtrend Broken Resist.Archive
- 9/22/2023 -
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NetFlix Inc (NFLX) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the NetFlix Inc (NFLX). During the week, the NFLX dropped -17.13 points, or -4.32%, and closed at 379.81 on Friday, September 22, 2023. Weekly volume was -47% below average.
NFLX is a member of Communication Services Sector. Communication Services is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See NFLX long-term trend chart]
A long-term uptrend had started on May 12, 2022 at 162.71 and reached 485.00 on July 19, 2023. NFLX gained -322.29 points, or -198.08%, in 61 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 364.33 and resistance is at 528.00. 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 downtrend had started on July 19, 2023 at 485.00 and reached 378.41 on September 22, 2023. NFLX lost 106.59 points, or 21.98%, in 9 weeks. Price is near the trend low.
 Weekly Technical Indicators: [See NFLX weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since August 11, 2023. This is an indication that the medium-term trend is down. 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 September 5, 2023 at 453.45 and reached 378.41 on September 22, 2023. NFLX lost 75.04 points, or 16.55%, in 17 days. Price is near the trend low.
 Daily Technical Indicators: [See NFLX daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since September 12, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
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