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Netflix’s stock is currently trading at 419.86-lower by 3.22% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.57%. The stock has continued falling after the opening bell.
The digital media company reported its first-quarter earnings after the market close on Tuesday. Netflix generated an EPS of $1.57 for the first quarter. The EPS was below the market expectation of $1.65. The company brought in $5.77 billion in revenue for the first quarter. The revenue was, however, above the consensus estimates of $5.74 billion.
The digital media company added 15.77 million subscribers during the quarter as pandemic-related stay-at-home orders took hold. Global paid net subscriber additions were above the median forecast of 8.22 million. Netflix also said that it could not accurately forecast future subscriber growth due to the pandemic. The streaming service also said that it had slowed down its network use in countries where it had been requested to do so. Stocks of Netflix have gained about 34% Year-to-date.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 60.29% and suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 420 TAKE PROFIT AT 410 STOP LOSS AT 425