Netflix (NFLX) Closes Prior Hour Down -0.01%; Price Base in Formation Over Past 30 Days, Heads Down For the 2nd Straight Day, Pin Bar Pattern Appearing on Chart

The Hourly View for NFLX

Last Updated January 18, 2021, 02:016 GMT

Currently, Netflix’s price is down $-1.18 (-0.24%) from the hour prior. This is the 3rd hour in a row Netflix has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Netflix. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 the previous day down 0.58% ($2.88); this denotes the 2nd straight day it has gone down. The price move occurred on stronger volume; specifically, yesterday’s volume was up 31.56% from the day prior, and up 2.8% from the same day the week before. The daily price chart of Netflix Inc below illustrates.

NFLX

Netflix Inc Technical Analysis

Coming into today Netflix Inc is now close to its 50 and 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Netflix Inc’s price has gone down 16 of the previous 30 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard Around the Web

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

    $TSLA $SPY $NFLX Futures r about to get WRECKED!! Naiive BULLS should have taken profit when they had a chance Friday. Tuesday is the very beginning of a bigger crash that will take us beyond March Lows from last year. Bloody week CONFIRMED

    harveytherabbit