Netflix Inc (NFLX) recently declined sharply after reporting earnings on April 20, 2021. The stock dropped by 8.0% after the earnings report and continues to look weak on the charts. Netflix Inc (NFLX) stock is now trading below it’s important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often signals further declines in the near term.
The next important support area for Netflix Inc (NFLX) stock will be around the $463.00 level. This support area is where the stock was defended in November and September 2020. Often, prior support levels will be defended when initially tested. This level is also a key retrace area which should add to the strength of the support level.
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