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Aayush Jindal

Key Highlights

  • Netflix’s stock price climbed higher above the $450.00 resistance.
  • It broke a major bearish trend line with resistance near $415.00 on the daily chart.
  • Netflix is getting a boost in subscriber growth driven by a password-sharing crackdown.
  • The price could climb higher, but $500 presents a major challenge.

Netflix Stock Price Analysis

After finding strong bids near $345 in October 2023, Netflix stock price (NASDAQ: NFLX) started a major increase. It broke many hurdles to start a strong rally above $400 and now might soon challenge $500. The company’s revenue in Q3 was solid and grew 8% (YoY). Their revenue forecast for Q4 2023 is $8.7B, up 11% (YoY).

Looking at the daily chart, the price broke a major bearish trend line with resistance near $415.00. It opened the doors for a move above the $450 level. The last few daily candles were all green and the bulls seemed to be in control.

Recently, the price tested the $482 resistance zone, which acted as a key barrier in July 2023. A clear move above the $482 resistance zone could send the price toward the $500 barrier.

If the bulls struggle near $500, Netflix’s stock price might start a substantial downside correction. The first major support sits near the $455 level.

The next key support is at $415, below which there could be a steady decline toward the $345 level. Conversely, the bears might struggle to defend the $500 hurdle and prices could continue to rise.

Immediate resistance above $500 could be $515. The next major resistance is $525. A clear move above the trend line, $515, and then $525 could start a strong bullish wave. In the stated case, the price could surge toward the $550 and $565 levels in the coming weeks.

Economic Releases

  • US Housing Price Index for Sep 2023 (MoM) - Forecast +0.4%, versus +0.6% previous.