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When we look at the Netflix (NASDAQ:NFLX) chart, we can see its downward trend extend this week, falling from the $350 after a brief failed attempt to move above $359 to the $348 region where it attempted to consolidate but also failed, leading to a further fall in the $337 range where it was last trading and forming temporary support at the $332 level.
Netflix has scheduled a quarterly earnings announcement today. If earnings expectations are surpassed, we could expect the price to move upwards, towards the $370. Today we can expect a move above the $342 closest resistance level, possibly in the $350 range.
If, however, it doesn’t manage to hold on to the current level, then a move towards and below the $332 closest temporary support level can be expected.
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