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Uptrend ExhaustionArchive
- 4/26/2024 -
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NetFlix Inc (NFLX) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the NetFlix Inc (NFLX). During the week, the NFLX gained 6.19 points, or 1.12%, and closed at 561.23 on Friday, April 26, 2024. NFLX was trading at average weekly trading volume.
 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 418.29 and resistance is at 667.26. 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 (663.12) 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 technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 link to access Lane's Stochastic help.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. 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 23, 2024 at 579.21 and reached 545.71 on April 25, 2024. NFLX lost 33.50 points, or 5.78%, in 2 days. The price is now at the 46.33% retracement level.
 Daily Technical Indicators: [See NFLX daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. 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 distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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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