Death Cross in Netflix
The economy is reopening. People are going back to work. It’s great news for a lot of stocks, but Netflix isn’t one of them.
Today the streaming-video giant’s 50-day simple moving average (SMA) closed at $513.97, or $0.53 below its 200-day SMA. That “death cross” may signal that longer-term momentum has swung more decisively toward the bearish camp.
Another important chart pattern is the period of consolidation around $505 in late May. That’s slightly below the $510 area in late April, which itself followed a bearish price gap.
Next, stochastics were overbought during that last peak, which suggests the bulls might not have much ammunition left.
The macro logic behind this idea is fairly straightforward. NFLX, along with
Amazon.com, were the two first major stocks to break out on April 13, 2020, following the coronavirus crash. Both benefited from lockdowns and low interest rates. And now that process is going into reverse.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Today the streaming-video giant’s 50-day simple moving average (SMA) closed at $513.97, or $0.53 below its 200-day SMA. That “death cross” may signal that longer-term momentum has swung more decisively toward the bearish camp.
Another important chart pattern is the period of consolidation around $505 in late May. That’s slightly below the $510 area in late April, which itself followed a bearish price gap.
Next, stochastics were overbought during that last peak, which suggests the bulls might not have much ammunition left.
The macro logic behind this idea is fairly straightforward. NFLX, along with
Amazon.com, were the two first major stocks to break out on April 13, 2020, following the coronavirus crash. Both benefited from lockdowns and low interest rates. And now that process is going into reverse.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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