Business
NETFLIX DOWN A THIRD THIS YEAR — AND THE CHARTS SAY MORE PAIN COULD COME
Shares in Netflix have lost about a third of their value this year, hurt most recently by disappointing guidance, and technical signals point to further downside, Reuters reported.
Shares in Netflix have lost about a third of their value this year, hurt most recently by disappointing guidance from the company, Reuters reported October 30.
Technical analysis indicates there may be more stock-market pain in store for the streaming pioneer.
Netflix shares recently traded around support near $61 and $62, an area that includes structural support as well as a Fibonacci retracement.
A sustained drop below there would raise expectations among market participants for a slide to the $54.50 to $55 zone and then the $48 to $50 area, according to LSEG data.
A rally above the $73 to $73.50 area would raise serious questions about a further downward move, Reuters noted, while cautioning that technical analysis does not guarantee future price moves.
Reporting: Reuters
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