Technical Analysis – Netflix stock set for a great open
Netflix to rally after upbeat subscription numbers
Bullish trend reversal not likely yet
Netflix attracted an outsanding number of 8.8 million new net subscribers during the third quarter probably on the back of password sharing restrictions, with its stock trading almost 15% higher during the pre-market hours on Thursday.
The price halted its latest decline near the former resistance of 345 taken from April-May 2023. This could be an ideal place for a rebound, though sentiment could remain fragile as there are several obstacles overhead.
Technically, the oversold signals from the RSI and the stochastic oscillator justify an upside correction. Still, with the 20- and 200-day SMAs set for a bearish crossover and the price having recently pulled below the support trendline from the 2022 low, there is some doubt whether the bulls will violate the negative trajectory from July’s top.
Resistance could initially develop within the 362-373 area, where the 20- and 200-day simple moving averages (SMAs), the 38.2% Fibonacci retracement of the huge 2021-2022 freefall, and the lower boundary of the bearish channel are positioned. The broken support trendline from the 2022 lows at 391 and the 50-day SMA could be the next blockage, likely hindering any increases towards the channel’s upper line seen at 423 and slightly below the 50% Fibonacci mark of 430.
On the downside, traders may review their selling orders around 330 and then near 315. Even lower, the spotlight might fall on the 23.6% Fibonacci of 288.
Summing up, Netflix’s stock is expected to have an exciting open today, though only a sustainable recovery above 430 would signal the end of the short-term bearish trend.
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