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

By David Diaz

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. Yesterday's price range of $331.05 and $331.66 is within the prior day'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.

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.

In the past 52 weeks, Netflix Inc share prices have been bracketed by a low of $252.16 and a high of $385.99 and closed yesterday at $340.34, 35% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.1%.

Netflix Inc (NASDAQ:NFLX) is currently priced 2.8% above its average consensus analyst price target of $330.76. The stock should find initial support at its 200-day moving average (MA) of $324.11 and further support at its 50-day MA of $307.54.

SmarTrend recommended that subscribers consider buying shares of Netflix Inc on October 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $304.50. Since that recommendation, shares of Netflix Inc have risen 8.6%. We continue to monitor NFLX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle netflix inc

Ticker(s): NFLX