Netflix drops 6% as ADX climbs
Netflix sheds 6% after earnings as the decline gains conviction toward June's lows
Netflix drops 6% as ADX climbs
Our view last week
Netflix shares dropped 5.5% this week, wiping out most of last week's rebound: sellers came back to dominate volume and distribution deepened. The price is retesting June's double bottom, in the 71 area, while the weekly ADX climbs and the downtrend gains conviction. With earnings due on July 16, tension stays high: the short, under management for 11 weeks, sits in profit at 20.3%.
This week's summary
Netflix shed another 6% this week, with earnings now in the rearview mirror. The weekly ADX climbed to 21.3: the trend keeps gaining conviction, with sellers back in control of volume. Price is sliding toward the support band between the 65 and 68 areas, the same zone tested back in June. The short, under management for 12 weeks, is now up to 25.1% in profit.
IQS Phase
73
in tension
Signal Strength
89
downtrend making lower lows, pace holding
Sizing
STANDARD
Ranking
#24 / 140
US stocks
Trade P&L %
+25.10%
from signal to today
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