Netflix Inc - (NFLX) - January 24, 2023 (Daily Stock Report)

by SIACharts.com

Still basking in the glow of strong subscriber numbers announced last week, Netflix (NLFX) has just returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since August of 2020. The shares started to climb up from the bottom of the red zone last summer but have really rocketed back up the rankings since the beginning of this year. Yesterday, NFLX finished in 20th place, up 7 spots on the day and up 33 positions in the last month.

Since bottoming out last summer, Netflix (NFLX) has been recovering lost territory. Note how the slope of the green trend support lines has been steepening over the last six months, a sign of accelerating accumulation. Recently, NFLX broke out over $325.00, which completed the filling in of an old gap, a bullish sign that confirmed the current recovery trend continues. Yesterday, Netflix broke out over $350 for the first time since April.

Based on previous points of struggle, upside resistance may appear near $400.00, then the February 2022 peak just below $460.00. Initial support has moved up to the recent $325.00 breakout point from the $300.00 round number.

Following a big selloff in the first half of last year, Netflix (NFLX) shares bottomed out last summer near $175.00 and have been under renewed accumulation since August. Over the last five months, NFLX has established a new uptrend of higher lows and completed a series of bullish breakouts including Double Tops, Spread Double Tops, a Triple Top and a Spread Triple Top. With some of these breakouts combining, the shares are currently on a Bullish Catapult signal and have extended their recent rally into a bullish High Pole.

Initial upside resistance appears between $395.25 and $403.15 where vertical and horizontal counts cluster around the $400.00 round number, then the $463.10 to $472.35 zone near previous column highs and lows. Initial support appears near $324.25 based on a 3-box reversal.

With a SMAX score of 9, NFLX is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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