Despite the bounce in stock markets, NFLX stock price is making new lower lows after the weekly bearish signal it provided us last week. A bounce to back test the broken wedge pattern was justified, the rest of the market helped also, but NFLX stock price did not follow.

Black line -resistance

NFLX stock price is breaking to new weekly lows. Price has the potential to break below $500 as the weekly chart has provided us with a bearish signal. There is no sign of a bottom or a sign that the downtrend is weakening. Even in the 4hour charts there is no such a reversal sign. Most probable scenario is for NFLX stock price to continue lower for the next week as well.