Netflix (NFLX) Closes Prior Hour Up 0.63%; is Inching Close to 100 Day Average, Heads Down For the 2nd Consecutive Day, Breaks Below 100 Day Average

The Hourly View for NFLX

Last Updated September 17, 2020, 23:15 GMT

Currently, NFLX’s price is down $-8.45 (-1.75%) 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. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on NFLX. Given that we see downtrend on the 20 and 10 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 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 yesterday down 2.82% ($13.66); this denotes the 2nd consecutive day a decline has happened. The price move occurred on volume that was up 20.91% from the day prior, but down 4.39% from the same day the week before. Below is a daily price chart of Netflix Inc.

NFLX

Netflix Inc Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Netflix Inc crossed below its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For another vantage point, consider that Netflix Inc’s price has gone down 8 of the previous 10 trading days.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about NFLX:

    $NFLX Cancel culture strikes back at the Cancellers. This garbage should be taken down to penny stock status. Liberals running this shit into the ground like they do with everything they touch. Following the path of the NYT CNN and MSDNC. The only short I ever endorsed 🇺🇸😂🤮

    IBIOBig