NFLX crunch time
After a wild ride today, opening at 410.38, Netflix proceeded to fall, dropping through its first 5-day support(409.03), dropping AGAIN through its second 5-day support (403.44), then about half way to its third 5-day support (393.76) where it finally started to turn around at its day low of (397.86). Now we sit at (419.89).However, the rise might not be over. I am seeing plenty of resistance in the 5-day trend. First 5-day resistance is at (424.09). The second 5-day resistance is at (434.20). The Third 5-day resistance is at (439.79). As we stand, Netflix is currently right in the middle of the 5-day resistance and support. If it breaks resistance, I believe it will jump up to the 460 area. If it breaks support, I believe we could be looking at a drop to the 384 area. The chart you are seeing is a 1 month look. I made adjustments on the 5day so if it looks weird, i'm sorry about that. This is just my theory, please let me know what you think in the comments!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.