Stock of the day: Netflix

By Tomasz Wisniewski|

Published: November 27 2023, 06:55 GMT+0

Stock of the day: Netflix

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Netflix’s journey since mid-July paints a fascinating picture, one marked by a notable correction phase that wrapped up in early November. The month of November has been particularly kind to Netflix, showcasing a bullish trend where nearly every day witnessed a rise in its stock value. This upward movement reached a pivotal moment last week, as Netflix encountered a significant horizontal resistance level — a high that harks back to mid-July.

At this juncture, investors and traders are positioned at a critical crossroads. The proximity to July’s peak presents an opportune moment for those holding long positions to consider profit-taking, potentially leading to a short to mid-term bearish correction. This would not necessarily indicate a major trend reversal but rather a natural ebb following a strong rally.

However, the story might take a different turn if Netflix’s stock manages to break and sustain above the previous week’s and July’s highs. A daily close above these levels could signal a continued bullish momentum, suggesting that the market isn’t ready to step back and take profits just yet. Such a move would reinforce the strength of the current uptrend, potentially opening doors to new highs.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-netflix-7

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