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Technical Update - Tesla picture bearish. Netflix downtrend on pause - can it build uptrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Tesla shares opening lower after disappointing earnings taking out key support. Next key support at 214
Netflix higher after jump in subscriptions but can the share price reverse the current bearish trend?
Tesla opened 6% lower following disappointing earning after hours yesterday. If closing below 240 Tesla has confirmed downtrend with support around 214. The 200 daily Moving Average will add to the 214 support.
A lower close today will result in RSI closing below 40 threshold thereby showing negative sentiment, strongly indicating lower Tesla share price in coming weeks. The key support at 214 coould be tested and a close below confirm medium-term bearish trend with potential for lower levels.
For Tesla to demolish this bearish picture a close above 257.20 is needed
Netflix reported solid earnings and a big jump in new subscribers last night resulting in the share price opening approx. 15% higher.
If closing above 388.70 today the bearish picture has been demolished. But if closing below 388.70 Bears could regain control with the share price resuming bearish trend as a result
Key indicator for Netflix to turn bullish will be the RSI indicator. If it is closing above 60 threshold the negative sentiment will be reversed and Netflix will have the potential to build an uptrend on that.
Medium-term - Weekly chart - Netflix is in a downtrend. However, with today’s higher opening it is jumping from the 55 weekly Moving Average . If Netflix can get back above 200 Moving Average there is further upside potential
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