Monday, April 08, 2019 3:18:05 PM
Shares of Netflix (NFLX) continue to stay weak, even when the market rallies higher. While the S&P and NASDAQ are making 2019 highs almost daily, Netflix topped in mid-January 2019 and has chopped sideways. This shows institutional distribution. There is a significant trend line of support that price is hitting on. It is around $360.00. Should it break, the stock has three downside target levels. The first target is $320, then $299 and finally $273. The key here is the competition. With Apple Inc (AAPL) entering the arena, Disney (DIS) launching their service and countless others already on-line or coming on-line, Netflix is going to have some major competition. The growth rate exhibited by Netflix is unsustainable and institutional investors know this. At the high current valuation, smart investors are starting to shy away from Netflix. Based on these factors and the chart, a breakdown is coming shortly.
Gareth Soloway
InTheMoneyStocks
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