NFLX breaking down from its rising wedge pattern.

Netflix is currently breaking down from its rising wedge pattern, and it appears to be setting up to retest some of its daily moving averages. We have the 200 day moving average around 339, the 50 day moving average around 327, and the 100 day moving average around 313. Based on the measured move of the rising wedge, we could see Netflix come down to the 310-315 level, which would be in line with our 100 day moving average. The RSI and Stochastic are also indicating downward momentum. Most of the market seems a bit on edge, so we could be seeing the start of a market-wide pull-back or correction.

Moving average guide (All daily moving averages for this post):
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red

-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.

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