Sunday, September 26, 2021

Netflix Stock – Netflix Update | Fintech Zoom

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Netflix Daily Chart.

Since its powerful earnings inspired surge on Jan. 20, shares of Netflix (NASDAQ:) have been consolidating in a narrowing range. During this phase the stock has remained inside its earnings week range (Jan. 19-Jan. 22). Is an upside breakout brewing?

NFLX built a sloppy yet solid base near its 200-day moving average in March of last year. The 200-day is supporting multi-week lows again this March. The huge gap left behind following NFLX’s big post earnings open ($509) is also providing support.

Netflix reached an extremely high overbought reading (daily MACD) back in mid-July. The stock is well below neutral as the new week begins.

We regard NFLX as a fairly low-risk buy at current levels. On the downside, a close back below $501.00 would violate last week’s low, indicating current consolidation pattern has more to go.

Note: We are long NFLX in some managed accounts.

You can read Gary S. Morrow’s original post here.

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Netflix Stock – Netflix Update | Fintech Zoom

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