Netflix Pulls Back, But Could Fly Into Earnings

Netflix is trading above both the eight-day and 21-day exponential moving averages (EMAs) and the eight-day EMA is trending above the 21-day EMA, both of which are bullish signs. Netflix is also trading above the 200-day simple moving average, which indicates overall sentiment in the stock is bullish.

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Bulls want to see continued consolidation in Netflix’s stock, under resistance, to allow it to gather enough power for another big push up. If Netflix can clear the $557 area, it has room to trade back up toward all-time highs.

Bears want to see Netflix lose support of the eight-day EMA and for selling pressure to drop the stock down toward support at $531.73. If Netflix were to lose the area as support, it could fall toward the $510 area.

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