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Possible Bearish Inside Day Candle Pattern Detected for Netflix Inc (NASDAQ:NFLX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Netflix Inc (NASDAQ:NFLX) based on the price action in the company's shares. Today's price range of $307.40 and $309.73 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Netflix Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 7.4% for shares of Netflix Inc based on a current price of $308.06 and an average consensus analyst price target of $330.76. The stock should find resistance at its 200-day moving average (MA) of $330.69, as well as support at its 50-day MA of $282.75.

In the past 52 weeks, Netflix Inc share prices have been bracketed by a low of $231.23 and a high of $385.99 and are now at $308.06, 33% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 0.3%.

Netflix Inc. is an Internet subscription service for watching television shows and movies. Subscribers can instantly watch unlimited television shows and movies streamed over the Internet to their televisions, computers, and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

SmarTrend is tracking the current trend status for Netflix Inc and will alert subscribers who have NFLX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle netflix inc

Ticker(s): NFLX