Netflix approaches low level

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Source: Dukascopy Bank SA


The price for Netflix encountered resistance in the 700.00 mark in October and November. The resistance eventually held and a decline started. By the middle of December, the stock price had almost reached the September low level zone at 569.00/576.00. Meanwhile, the support zone was being approached by the 200-day simple moving average.

In the case that the stock price passes below the low level zone and the 200-day simple moving average, the price could look for support near the 500.00 mark. Note that the 500.00 level is being crossed by the trend line, which connects historical low levels.

On the other hand, a recovery of the price might find resistance in the 50-day simple moving average near 650.00, before aiming at the 700.00 level.
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