Netflix opened at a new on Monday, but selling pressure quickly took hold and drove prices below 203 by the close. This intraday reversal forged a bearish engulfing pattern just above first support. Follow through below last week's low would argue for a deeper correction towards the 260-270 area.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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