Netflix (NFLX) Closes Last Hour Up $5.51; Pin Bar Pattern Appearing on Chart, Moves Down For the 3rd Straight Day, in a Downtrend Over Past 14 Days

The Hourly View for NFLX

Last Updated September 18, 2020, 23:11 GMT

Currently, NFLX’s price is up $0.2 (0.04%) from the hour prior. The hourly chart shows that NFLX has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50 and 100 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Netflix Inc Daily Price Recap

Netflix Inc closed the previous day down 0.05% ($0.24); this denotes the 3rd straight day it has gone down. The change in price came along side change in volume that was up 23.41% from previous day, but down 1.85% from the Thursday of last week. Let’s take a look at the daily price chart of Netflix Inc.


Netflix Inc Technical Analysis

The first thing we should note is that Netflix Inc is now close to its 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to NFLX:

    Sometime in Aug, someone asked me if my strategy would hold up in a down market. I mentioned that it should outperform the market as I validated my system under all market conditions as long as you continue to find good setups and do it CONSISTENTLY without deviation and hesitation. Since I started this portfolio in June, we've gone through 2 drawdowns: one 8.1% in June and the current 8.4% now. Portfolio is up 44.3% or 5x the S&P return of 9.0%.

    Bottomline is to follow the process and not worry too much about market conditions as it is already reflected in the edge (as long as it was randomly validated), if that makes sense. If the casino has a drawdown because of a cluster of multiple jackpot winners, it just grinds away with their edge. As a trader, my job is to outperform the market, not outsmart it by timing when. If it is your setup, trade on!