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Netflix share price analysis: Watching the gap

By Nathan Batchelor

Netflix share price analysis shows that bulls need to keep price above the $335.00 level to maintain the recent bullish momentum. A break above the $368.00 level would be extremely positive for the stock.

Netflix share price analysis

Netflix has recently started to retreat from the $360.00 level as US equity markets come under downside pressure across the board.

Netflix share price analysis shows that traders need to hold price above the $335.00 level or the stock may continue to retreat.

Netflix medium-term price trend

Bullish fourth-quarter earnings have not been enough to sustain the stock multi-month high in Neftlix’s share price, as fears over coronavirus and rival Disney’s growing market share worry investors.

Netflix share price analysis shows that the stock has recently moved to close an important price gap on the chart, around the $360.00 level.

The latest pullback in Netflix’s share price has not been as severe as other leaders inside Nasdaq, however, traders should be aware that the decline could worsen if the $335.00 level is breached.

Netflix technical analysis continues to show that further gains only appear likely for the stock while price trades above the $335.00 level.

Medium-term term bulls need to start to hold price above its 200-day moving average, around the $365.00 level to further anchor the stock, and change its only technical status from bearish to bullish.

Failure to do so, and traders may go with the prevailing medium-term trend and use the latest rally as an opportunity to sell the stock from more attractive levels.

Netflix short-term price trend

Netflix share price analysis shows that the stock is still bullish over the short-term, despite the recent sharp pullback from the $360.00 level.

The four-hour time frame shows that a classic triangle pattern is in play, with the top of the triangle pattern located around the $368.00 level.

In theory, Netflix could still move towards the top of the triangle, as traders seek confirmation as to whether the stock will surge higher or sink once the key trendline is tested.

Short-term traders that are bearish towards the stock should also be aware that the stock could surge if the $368.00 level is breached. Placing the $388.00 and $400.00 levels as likely upside targets.

Failure from $368.00 level, or around current levels could see Netflix’s share price tumbling towards the $335.00 level, and possibly lower.

Netflix technical summary

Netflix share price analysis shows that traders recently attempted to close an important gap on the charts. Watch the $335.00 level for directional confirmation.

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