Netflix (NFLX) Short-term Analysis (03.08.2023)


Chart done on five minute and daily candles. Netflix shares have suffered a slow and steady sell-off the last three weeks after the stock broke below its key 343.50 level. The daily candle is now trading right at the 100 day moving average, a line not seen since October 2022. If buyers can’t maintain the 100 day MA then the shares will likely fall to retest the 305.75 support, a break below has a downside price target of 298.00-300.00. 

On the bullish side Netflix will need to breakout above 314.30 in order to pivot back into a short term uptrend, price target above that resistance is 319.00-321.00 to start. As of now the stock is leaning bearish but if markets as a whole see a strong upside rally then Netflix is likely to follow.