Pro Charts: Stocks & ETFs

Netflix Upside Price Target $700, Then Watch For Stock Collapse

Updated: Jun 08, 2024 | Published: Jun 08, 2024
Verified Investing
By Verified Investing
Netflix Upside Price Target $700, Then Watch For Stock Collapse

Shares of Netflix, Inc. (NFLX) have been grinding higher since its last earnings report caused the stock to collapse. The company reported disappointing numbers back on April 18th, 2024, the stock dropped over 9%. Since that fall, Netflix has gone up almost non-stop, now above its pre-earnings price.

Analyzing the chart using pure technical analysis, there is a major double top at $700 as well as an upsloping channel that intersects at the same $700 level. Two trend line levels of resistance that cross at the same point up the probability of a major resistance level.

Based on these two technical factors, the odds of a drop after Netflix hits $700 is extremely high. Investors should be on high alert for that level, and expect a hit and sharp pull back. The next Netflix earnings report is scheduled for July 18th.

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