Netflix readies to pierce current support - Analysis - 15-11-2018

Netflix's stock fell in the intraday levels, readying to pierce the support of 271.90, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 178.38 to 423.21), thus recording a final loss of 2.61%, or 7.67 points, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI. 

Therefore we expect more losses for the stock, especially if the support of 271.90 was breached, targeting the next one at 236.16, which represents the ratio 76.4% of the same retracement levels mentioned above. 

Expected trend for the stock: Bearish