Is Netflix’s Bullish Saga Unraveling?

By Tomasz Wisniewski|

Published: October 06 2023, 13:37 GMT+0

Is Netflix’s Bullish Saga Unraveling?

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Investors and traders, let’s navigate through the intriguing waters of Netflix’s current situation, for October has cast a decidedly pivotal role for the streaming giant. The month inaugurated with a distinct breach of the long-term uptrend line, depicted in a stark black, juxtaposing the historical bullish journey with the current, slightly precarious state of affairs. Coupling with this, yesterday witnessed a further descent, this time through a key horizontal support stationed around the $375 mark, visualized through a yellow delineation.

The break of both, the black uptrend line and the yellow horizontal support, conjures a decidedly negative sentiment in the near term. Particularly, yesterday’s downward breakout, punctuating through established supports, signals a conducive environment for sellers in the present market construct. Underpinning this is a sentiment anchored in technical breakdowns, providing fertile ground for bearish maneuvers as long as we linger beneath the yellow and black demarcations.

In terms of envisaging potential targets amidst this technical milieu, an immediate eye is drawn towards the 38.2% Fibonacci level, which looms relatively proximate to the current price and might act as a short-term objective or a possible pivot. Nevertheless, extrapolating from the prevailing technical disposition, it wouldn’t be astonishing to witness a more substantial dip towards the 61.8% Fibonacci level over the subsequent weeks or perhaps months.

Source: https://www.axiory.com/analytics/stock-of-the-day/is-netflix-s-bullish-saga-unraveling

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