- Netflix, Inc. (NASDAQ: NFLX) price prediction sets a bullish outlook for the NFLX stock price
- NFLX stock delivered a return of 147.43% in the last one year.
- NFLX stock is facing a struggle at the resistance of $478.37.
Netflix, Inc.’s (NASDAQ: NFLX) price prediction focuses on the strong bullish sentiments for the NFLX stock, which has been on the rise since June 2022. The stock can be seen following a strong uptrend as it forms higher highs with higher lows. The rally picked up pace after a major correction of 25% from its resistance of $379. The market bounced from the support price of $286.33, propelling the NFLX stock price to its current levels.
At the time of writing, Netflix, Inc. closed its trading session on Wednesday 19th July 2023 at 477.59. This marked a climb of 0.59% over the previous day.
Can Netflix, Inc. Ascent to New Heights?
Netflix, Inc.’s stock price prediction establishes a strong uptrend for the NFLX stock price. During the uptrend, the NFLX stock broke several resistance levels, which led the stock to the immediate supply zone of $478.37. The price travels above the 200 EMA while taking support from the 9 and 15 EMAs.
Also, the market takes support from an ascending trendline, which has significantly supported this uptrend. If the NFLX stock price maintains its bullish course, the price may test its all-time high level soon. The NFLX stock has attracted investors who are not shying away from buying into the rising prices, justifying the bullish sentiments for the market.
Will the NFLX Break the Resistance to Move Further?
The 4-hour chart mirrors the daily chart, which shows the bullish strength of the market. Although the technical indicators are strongly bullish, the market is showing early signs of rejection from the resistance. The NFLX stock chart made two doji candles, indicating the indecision in the market, where investors are confused about the direction in the short term.
If the market decides to reverse from here, it won’t harm the strong uptrend as there are several levels of support that can push the price up again. The NFLX will have the support of 9 and 15 EMAs along with a horizontal support level of $445.00.
RSI: The RSI indicator is currently at 75.75. It represents a strong bullish momentum and the price may move up aggressively if the RSI stays above 70.
MACD: MACD has made a bullish crossover above the 0 line. The correction may be getting over soon and the price may continue to move up.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. It indicates that the market is under buy pressure and the buyers are in control. The 200 EMA will act as significant support. The NFLX stock price will continue to move up until it breaks below the indicator.
Conclusion:
Netflix, Inc.’s (NASDAQ: NFLX) price prediction focuses on the strong bullish sentiments for the NFLX stock, which has risen since June 2022. The market is very bullish in the short term, and the NFLX stock price may be on course to print new highs. At present, the stock price is facing resistance at the nearest supply zone. Therefore, it would be wise to wait for the breakout of the resistance or a pullback to open new positions.
Technical Levels
- Support level: $445.60
- Resistance level: $478.37
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.