Netflix Does it Again: Heads Up for the 2nd Straight Day
The Hourly View for Netflix
- At the moment, NFLX’s price is down $-0.87 (-0.17%) from the hour prior.
- It’s been a feast for bears operating on an hourly timeframe, as Netflix has now gone down 4 of the past 5 hours.
- As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe.
- price action traders may also wish to note that we see a doji candlestick pattern on Netflix. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
Netflix’s hourly price chart is shown below.
The Daily View for Netflix
- At the time of this writing, NFLX’s price is up $0.71 (0.14%) from the day prior.
- This is the 2nd day in a row Netflix has seen its price head up.
- As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
- price action traders may also wish to note that we see a pin bar candlestick pattern on Netflix. Given that we see downtrend on the 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Of note is that the 200 day changed directions on NFLX; it is now pointing down. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Below is a daily price chart of Netflix.
Featured Netflix Idea From TradingView
Below is a trading comment entitled Netflix: The End Of The GROWTH Story? you may find interesting:
https://www.tradingview.com/x/iDl6mEQX/ While many of you might be surprised to see anyone being bearish biased on Netflix of all things, I say that my bias has some solid basis underneath it Firstly, let’s deal with the elephant in the room: the whole market is a massive bubble with SPY gaining more than 100% from the Lows of the COVID crash, and Netflix gained 104%One might say that gaining 104% in less than a year is a spectacular achievement, however, considering the fact that the company grew its business massively since the beginning of the lockdowns, outperforming the market by a mere 4% is a sign that the investors are beginning to get skeptical about the future growth, and that is the KEYYou see, all the tech stocks are a growth story, not the value story, and by the virtue of being a growth stock NTFLX is wildly overpriced with the P/E standing at 64, while the SPY benchmark P/E stands at 34 which means that Netflix is trading at a 100% premium to the market and that given that SPY is now full of tech growth stocks itself which skews the P/E to the upside, while also benefiting from the passive ETF flows which have determined the rapid market growth after 2008 that outpaced the GDP growth by a factor of 5All of the above means that the moment Netflix stops being considered a growth story it will start falling to at least cover the gap with the SPY P/E and if it gets kicked out of the index it will lose all the passive inflows and the price will halve again. So am I convinced that the N…