Has Netflix Finally Peaked?
Seven out of eight companies have beaten estimates this earnings season, but Netflix isn't one of them. It raises an important question: Has the streaming giant finally hit a long-term peak?
The first potentially bearish pattern on this chart is the falling trendline that began in mid-January. (Yes, NFLX hasn’t made a new 52-week high in 135 sessions. The S&P 500 made 11 new highs last month alone.)
Next, notice how prices have slipped back under the 50- and 200-day simple moving averages (SMA). That suggests its early-June “death cross” remains in effect.
Third, consider last week’s tight inside candle, followed by more selling this week:
Next is the rising trendline that began in late May. A break of that line could increase selling pressure.
Below the current range, traders may watch the May double-bottom around $478.50. Under that level, longer-term holders may start to defect.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The first potentially bearish pattern on this chart is the falling trendline that began in mid-January. (Yes, NFLX hasn’t made a new 52-week high in 135 sessions. The S&P 500 made 11 new highs last month alone.)
Next, notice how prices have slipped back under the 50- and 200-day simple moving averages (SMA). That suggests its early-June “death cross” remains in effect.
Third, consider last week’s tight inside candle, followed by more selling this week:
Next is the rising trendline that began in late May. A break of that line could increase selling pressure.
Below the current range, traders may watch the May double-bottom around $478.50. Under that level, longer-term holders may start to defect.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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