Netflix (NFLX) Price Near $484.15; Price Base in Formation Over Past 90 Days, Heads Up For the 4th Day In A Row, is Inching Close to 20 Day Average

The Hourly View for NFLX

Last Updated November 23, 2020, 15:28 GMT

Currently, NFLX’s price is down $-3.64 (-0.75%) from the hour prior. NFLX has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Netflix Inc Daily Price Recap

Netflix Inc closed yesterday up 0.74% ($3.57); this denotes the 4th day in a row an upward move has occurred. The change in price came along side change in volume that was up 88.47% from previous day, but down 22.18% from the Sunday of last week. Let’s take a look at the daily price chart of Netflix Inc.

NFLX

Netflix Inc Technical Analysis

Notably, Netflix Inc is now close to its 20 day averages, located at 488.28 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 30 days Netflix Inc’s price has gone up 17 them.

Overheard Around the Web

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

    $NFLX about to close my first loss in 4 weeks, if this doesnt turn around and run at least half of what it just fell

    Archer24