Netflix, Inc. (NASDAQ:NFLX) is consolidating on Wednesday. Since the middle of April, the shares have lost about 30% of their value.
But they may be getting close to a bottom. This is why Netflix is the Stock of the Day.
Over the past two months, there has been more supply than demand for Netflix. The sellers are forced to offer their shares at a discount if they want to attract demand or buyers into the market.
This pushed the stock into a downtrend.
This trend may end soon. As you can see on the chart, there has been support around $75.70. This is where the selloff ended in February.
