Netflix Staggers After Bearish Gap
Netflix was an early beneficiary of coronavirus as stay-at-home orders boosted demand. That makes today’s news of potential vaccine success from Pfizer a clear negative.
NFLX has other issues. In particular, a bearish gap on October 21 after subscriber growth missed estimates. Management warned that would happen in July because the pandemic was essentially cannibalizing future growth.
Second, NFLX never made new highs in early September – even as the broader the S&P 500 and Nasdaq-100 hit new highs.
Third, the most recent high on October 14 was slightly below its July peak. That’s resulting in a double-top (potential bearish reversal pattern).
Finally, the current failure occurs at the 50-day simple moving average (SMA).
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
NFLX has other issues. In particular, a bearish gap on October 21 after subscriber growth missed estimates. Management warned that would happen in July because the pandemic was essentially cannibalizing future growth.
Second, NFLX never made new highs in early September – even as the broader the S&P 500 and Nasdaq-100 hit new highs.
Third, the most recent high on October 14 was slightly below its July peak. That’s resulting in a double-top (potential bearish reversal pattern).
Finally, the current failure occurs at the 50-day simple moving average (SMA).
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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