Netflix (NFLX) – Streaming Wars Heats Up – Oct 11th, 2019
S&P 500 Market Outlook: Bearish
Bearish Trade: NFLX $42.17 – Communication
The bearish DailyPlay we chose for Friday, Oct 11th is Netflix (NFLX). NFLX is part of the Communication Sector (XLC). XLC has decline 4.00% lower over the past month and its 1m and 6m trend turned bearish and neutral yesterday while testing its $49.50 resistance level.
Netflix’s 1m and 6m trend turned neutral and bearish yesterday and is testing its $280 resistance level. With a technical score of 2 (out of 10), NFLX is a weak stock that will likely continue lower.
As a stop loss, if NFLX was to trade above $280 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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