Netflix shares dropped about 9% after its earnings report, weakening the stock's technical picture. The stock has fallen below its 50-day, 100-day and 200-day moving averages, signaling that momentum has weakened across nearly every time frame. It also slipped just below $69, a level that had previously acted as support and is now becoming an important line in the sand. The 10-day rate of change has fallen to around -13%, while the RSI is near 29, putting the stock close to oversold territory.
Netflix IncNetflix shares dropped 9% after its earnings report, with technical indicators weakening.