Stock of the day: Netflix

By Tomasz Wisniewski|

Published: July 08 2024, 10:16 GMT+0

Stock of the day: Netflix

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Netflix currently presents a very clean bullish setup. The latest upward trend began in the latter half of April, and the price has been moving in a step-like pattern, breaking through green horizontal resistances and then testing them as supports. This pattern was seen in mid-May and mid-June, and on Friday, Netflix broke another green horizontal resistance, providing a strong buy signal. As long as the price stays above the upper green line, the sentiment remains positive. However, if the price drops below this line, it could indicate a false breakout and a short-term sell signal.

Since April, Netflix’s price movements have been very technical. Each breakout of a resistance level, followed by a successful retest as support, has reinforced the bullish trend. The consistent pattern of breaking resistance and using it as support is indicative of strong buyer interest and market confidence in the stock’s upward trajectory.

The critical takeaway is that Netflix’s bullish momentum is likely to continue as long as it maintains its position above the latest green horizontal resistance. This level now acts as a key support, and traders will be closely watching it. A sustained position above this level suggests ongoing strength, while a drop below could signal a potential shift in market sentiment.

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