Technical Analysis – Netflix stock holds trendless below July’s peaks ahead of earnings
- Christina Parthenidou
Netflix stock has been trendless since July 2020, ranging between a record high of 592.30 and a low of 457.45.
Currently, there is little expectation for any sharp movement as the RSI is sidelining above its 50 neutral mark and the MACD is hovering around its red signal line. Yet, with the indicators maintaining an upward trajectory since the plunge in March, upside corrections are more likely than downside ones.
A clear close above 565.00 could raise buying orders, likely driving the price to a fresh record high at 600.00. Beyond that, the target will shift to the 650.00 psychological mark.
On the downside, the congested area around 535.00, where the 20- and 50-day simple moving averages (SMAs) converge, could prevent any decline towards the 491.00 – 475.00 region. Otherwise, a break below the range could activate fresh selling towards 410.00 unless the 440.00 barrier comes to the rescue.Summing up, Netflix stock is looking indecisive within a box, though upside movements seem to remain in favor.Note that the popular streamer will release its earnings for the first quarter after the market close today.
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.