NETFLIX FALLS AFTER ANNOUNCING THAT IT WON’T BE PART OF APPLE’S UPCOMING VIDEO SERVICE
Netflix stocks are currently trading at 360.48-lower by 0.81% as compared to the previous closing price.
The company’s CEO Reed Hastings said on Monday that Netflix will not make its TV shows and movies available through Apple upcoming video offering. CEO Hastings further said he prefers that customers view Netflix content on the company’s own service.
Apple is expected to unveil a television and video service at an event on 25th march. This will increase competition for Netflix and others that deliver entertainment programming online.
The CEO further said the biggest challenge for Netflix is not to get distracted by rivals but learn lessons from them. CEO Hastings also said he expected Netflix, like other U.S. technology companies, to be blocked in China “for a long time.”
On the technical front, the RSI is currently at 56.38% and suggests that the market can move in the downward direction. The current price is below the MA5 (360.99). The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- STOP SELL AT 360.30 TAKE PROFIT AT 358.30 STOP LOSS AT 361.30