Netflix Stock Price Reversed Trend On Wednesday, Will It Continue Today?

  • Netflix stock price has been bearish since last week.
  • The RSI indicator is ready to dip to the lower zone on the weekly time frame.
  • On Wednesday, Netflix stock price rose 3.07% and jumped $6.58.

People are immediately adopting the OTT platform for entertainment these days. So, platforms like Amazon Prime, Disney Hotstar and Netflix etc. are the best platforms of all time. According to researchers, Netflix has been the top choice for couch potatoes since its launch. It premiered on August 29, 1997 in Scotts Valley, California.

Netflix stock price has underperformed in recent weeks. In November 2021, the stock price recorded its last all-time high of $700.99, which has yet to be retested. Since its last high, Netflix’s stock price has fallen 70% so far. This fall has kept asset prices below the $250 level in 2022.

RSI shows strong negative sign for NFLX stock

NYSE: NFLX looks under bear control as the weekly timeframe shows selling on a high price strategy. On Wednesday, Netflix stock price rose 3.07% and jumped $6.58. Last night, the price of the asset closed at $220.87. The buyers are barely trying to keep the stock price above the key $200 level. This round level is observed as a vital buyer coverage area.

On the weekly chart, Netflix stock price remains below the 0.236 Fib retracement area. Amid the pump and dump, buyers often failed to manage the uptrend near the $250 level, which is still valid as resistance. Meanwhile, the RSI indicator is poised to dip into lower territory from its overbought zone.

In terms of daily price, the Netflix stock price remained below the green moving lines of the EMA Ribbon indicator. The 200 EMA was well above the current price of the given indicator. Due to lower prices, Netflix Inc’s market reached $98.22 billion. However, the average volume was recorded at $11.04 million.

The RSI indicator slides below the half way, turns bearish and shows further decline until the price reaches the $200 level – the conceptual cycle of support.

Conclusion

Netflix stock price was lifted last night this week. However, the technical indicator – the RSI – suggests a further decline in the price until the price reaches the $200 level – the conceptual cycle of support.

Support level – $200 and $160

Resistance level – $250 and $300

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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Karen J. Nelson