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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Netflix Inc (NASDAQ:NFLX) based on the price action in the company's shares. Yesterday's price range of $283.22 and $287.37 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. Traders and investors interested in shares of Netflix Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 15.5% for shares of Netflix Inc based on a current price of $286.44 and an average consensus analyst price target of $330.76. Netflix Inc shares should encounter resistance at the 200-day moving average (MA) of $331.82 and support at the 50-day MA of $281.40.

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 $231.23 and a high of $385.99 and closed yesterday at $286.44, 24% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

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: bullish am inside day candle netflix inc

Ticker(s): NFLX