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As we explained in a previous analysis, Netflix stock is trading sideways for at least a year. When price was trading near the upper trading range boundary we preferred to be neutral or bearish. The disappointing earnings announcement came and price fell sharply from $550 to $506.
Green rectangle- long-term resistance
Price is now very close to the lower trading range boundary and key support. Breaking out of the trading range and below the red rectangle would be an important bearish signal that would imply a deeper correction is starting. Until then bulls still have hopes. As long as the red rectangle is defended bulls have hopes.
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