Netflix (NFLX) – Streaming Competition Heats Up – Aug 9th, 2019
Bearish – NFLX $315.90 – Communications
The bearish DailyPlay we chose for Friday, Aug 9th is Netflix (NFLX). NFLX is part of the Communications Sector (XLC). XLC has declined 1.30% lower over the past month and its 1m and 6m trend turned neutral yesterday and testing its $50 resistance level.
Netflix’s 1m and 6m trend turned bearish on July 18th and recently bounced lower off its $330 resistance level. With a technical score of 3 (out of 10), NFLX is a weak stock that will likely continue lower.
As a stop loss, if NFLX was to trade above $330 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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