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In trading on Monday, shares of Netflix Inc. (NASDAQ:NFLX) entered into overbought territory, changing hands as high as $91.43 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of Netflix Inc., the RSI reading has hit 70.4 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 62.8.
Investors could look at NFLX's 70.4 reading as a sign that the recent heavy buying is overdue to take a break, which could bring a pullback in the stock. The chart below shows the one year performance of NFLX shares:
Looking at the chart above, NFLX's low point in its 52 week range is $62.37 per share, with $304.79 as the 52 week high point — that compares with a last trade of $90.72.
NFLX operates in the Entertainment sector, among companies like LodgeNet Interactive Corp (LNET) which is down about 2.6% today and has a current RSI reading of 62.1. Below is a three month price history chart comparing the stock performance of NFLX, versus LNET.
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