Netflix's Remarkable Recovery Journey To Nearly $500 Per Share After Navigating A Steep 28% Drop In The Market
Portfolio Pulse from Zaheer Anwari
Netflix Inc (NASDAQ:NFLX) has shown a strong recovery after a 28% drop between July and October 2023, with the stock now up 61% this year and 16% this month. The stock found support at $360 and is facing resistance at $478, a crucial level that was the lowest point in May 2021. If it surpasses this, the next psychological resistance is at $500, followed by the 2022 high of $609. NFLX closed at $479.56 on November 24.
November 27, 2023 | 7:02 pm
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POSITIVE IMPACT
Netflix has recovered from a significant drop, with a 61% gain this year and a 16% increase this month. It faces resistance at $478 and $500, with potential to reach the 2022 high of $609.
The stock's recovery and current bullish trend suggest a positive short-term impact. The resistance levels at $478 and $500 are key points that could either halt the momentum or propel the stock further if broken. The historical context of these levels and the recent closing price just above $478 indicate a high relevance and importance for investors. The confidence score reflects the stock's current momentum and the clear technical levels identified.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100