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When we look at the Netflix (NASDAQ:NFLX) chart, we can see it trading a downward trend, falling lower and lower, without showing the ability to consolidate at any level or indicating a reversal.
The closest temporary support is $510, and the most immediate resistance at $525. It was last trading at $515.
Netflix will announce its quarterly earnings today. If earning expectations are surpassed, we could expect the price to move upwards, towards the $530 price level.
Today we can expect a move close to the $525 closest overhead resistance level. If it does not manage to hold on to the current level, a move below the $510 nearest support is likely.
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