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- 1 Netflix stock price trades above the 50, and 100-day daily moving average, buyers are dominating over sellers, and the price is near key resistance.
- 2 The year-to-date return of Netflix Inc. is 45.83% while the three-month return is 9.38%
- 3 Netflix Inc. ( NASDAQ: NFLX) stock’s 52-week price range is around $162 – $485.
Netflix, Inc. is a company that offers entertainment services to paid members in over 190 countries allowing them to watch TV shows, movies, and games in various genres and languages. The company has different streaming membership plans with prices ranging from $1 to $26 per month. The company allows members to stream content through various internet-connected devices.
NFLX stock price was at $434.67 with an intraday rise of 1.09%. The stock has reversed after a bounce back and has a market cap of $192.623 Billion. Analysts gave a buy rating with a yearly target price of $462.19, implying a growth outlook for future sessions.
NFLX stock has been rising since the start of 2023 and has shown buyer accumulation. The stock faced a barrier near the supply range and had a false breakout and retracement in the last sessions. The stock rebounded from the buying zone in the recent sessions.
NFLX stock faced resistance near $450 and had a pullback toward the support near the 100-day EMA. NFLX stock formed a rising wedge pattern and indicates volatility.
NFLX stock announced its Q2 earning results according to the estimates, but the stock outperformed in the past months as sellers booked profits. The trend is strong, as NFLX stock soared over 91% in the past year.
Based on recent data, the revenue of Q2, 2023 was $8.19 Billion with a net income of 1.49 Billion. Moreover, the NFLX stock estimated EPS for Q2′ 23 was 2.85, and the reported EPS was 3.29 which gave a positive surprise of 15.26%. The forecasted EPS for the next quarter is positive at 3.52.
Technical Analysis of NFLX Stock Price in 1-D Timeframe
As per price action, NFLX was in a bullish trend from mid of last year even before the start of 2023. The NFLX price took support around $165 and was heavily bought as it was available at a discount. From the low of $165 to the high of $482, the journey was swift and effortless. The price reached its high by July 18th, 2023 by a continuous streak of break of structures ascending by forming higher highs and lows and rising. Moreover, the price spent a decent amount of time on Fibonacci levels of 78.60%, 61.80%, 50.00%, 38.20%, and 23.60% and ascended flawlessly.
As per the CMP $434.67 (at press time), the price faced some resistance and melted to the 23.60% level and retraced back upwards. Moreover, it is noticed that on every quarter report, the stock is bought regularly. As per Simply Wall St., the NFLX stock is trading below the estimated fair value but not by a significant amount. NFLX stock is trading at 434.67 below the estimated fair value of $462.93.
The current stock price of NFLX stock might achieve more, there is a possibility for the price to head toward the next resistance level of $454 and an annual high of $485.
Conversely, if the price breaks below the $409 significant support level, it might decline toward $386.
At the time of publishing, NFLX Platforms, Inc. (NASDAQ: NFLX) is trading above the 50, and 100 EMA. RSI turned bullish as it took 14 SMA support and MACD narrowed on each other giving a bullish cross.
Summary
The stock price has risen above $409 to regain bullish momentum and if sustains then might potentially shatter the annual high of $485. Technical parameters also support the rise in bullish momentum. Netflix Inc. (NASDAQ: NFLX) stock prices are bullish on the 1-D time frame as indicators turned bullish. The traders and investors also indicate positive and buying sentiments.
Technical Levels
- Support levels: The nearest support levels for NFLX price are $295 and $277.
- Resistance levels: The nearest resistance levels for the Netflix stock price are $409 and $386.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
