Technical Analysis – Netflix stock holds trendless below July’s peaks ahead of earnings

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.

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