NetFlix Set to Possibly Pullback After Yesterday's Rally of 19.47%
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.
Over the past year, NetFlix has traded in a range of $78.90 to $133.27 and is now at $118.69, 50% above that low. Over the last five market days, 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