Possible Bearish Inside Day Candle Pattern Detected for NetFlix (NASDAQ:NFLX)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in NetFlix (NASDAQ:NFLX) based on the price action in the company's shares. Today's price range of $94.00 and $95.93 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Potential upside of 30.0% exists for NetFlix, based on a current level of $94.26 and analysts' average consensus price target of $122.56. NetFlix shares should first meet resistance at the 50-day moving average (MA) of $98.99 and find additional resistance at the 200-day MA of $106.20.
Netflix Inc. is an online movie rental service. The Company ships up to three DVDs at a time, with no due dates or late fees, directly to the subscriber's address. Netflix also provides background information on DVD releases, including critic reviews, member reviews and ratings, and personalized movie recommendations.
Over the past year, NetFlix has traded in a range of $78.90 to $133.27 and is now at $94.26, 19% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.
SmarTrend is tracking the current trend status for NetFlix and will alert subscribers who have NFLX in their portfolio or watchlist when shares have changed trend direction.
Keywords: bearish inside day candle Netflix