Technical Analysis – Netflix stock finds support at 23.6% Fibonacci and 20-SMA
June 12, 2019 1:26 pm
Netflix stock price posted a significant red day on Tuesday, heading below the short-term moving averages in the daily timeframe, creating a neutral bias. The RSI indicator dropped beneath the 50 level, while the MACD oscillator is weakening below the trigger line over the last month, but it is still developing in the negative territory.
In case of more losses, support could come below the 23.6% Fibonacci retracement level of the upleg from 230.60 to 385.73, around 351 at the 322 barrier. A significant leg below this area could send prices towards the 38.2% Fibonacci of 326.61.
On the flip side, if the pair bounces up, immediate resistance could be met at the 366.60 hurdle. A jump above this line would take prices until the nine-month high of 385.73.
Briefly, the stock has been trading within a trading range with upper boundary the 385.73 resistance and lower boundary the 332 support level. In case the market violates this area, bears could take the upper hand in the short-term.
Netflix stock price posted a significant red day on Tuesday, heading below the short-term moving averages in the daily timeframe, creating a neutral bias. The RSI indicator dropped beneath the 50 level, while the MACD oscillator is weakening below the trigger line over the last month, but it is still developing in the negative territory.
In case of more losses, support could come below the 23.6% Fibonacci retracement level of the upleg from 230.60 to 385.73, around 351 at the 322 barrier. A significant leg below this area could send prices towards the 38.2% Fibonacci of 326.61.
On the flip side, if the pair bounces up, immediate resistance could be met at the 366.60 hurdle. A jump above this line would take prices until the nine-month high of 385.73.
Briefly, the stock has been trading within a trading range with upper boundary the 385.73 resistance and lower boundary the 332 support level. In case the market violates this area, bears could take the upper hand in the short-term.
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