Look for Shares of NetFlix to Potentially Pullback after Yesterday's 19.47% Rise
NetFlix (NASDAQ:NFLX) traded in a range yesterday that spanned from a low of $116.50 to a high of $119.40. Yesterday, the shares gained 19.5%, which took the trading range above the 3-day high of $102.10 on volume of 29.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
NetFlix share prices have moved between a 52-week high of $133.27 and a 52-week low of $78.90 and are now trading 50% above that low price at $118.69 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of NetFlix on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $95.90. Since that recommendation, shares of NetFlix have risen 4.1%. We continue to monitor NFLX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders Netflix