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Netflix Inc., Technical Analysis

12/2/2022 10:08 AM

Shares of Netflix Inc., an American entertainment company and movie and TV series streaming service, are on a corrective trend at 316.00.

On the daily chart, the price continues its confident upward trend within the global corridor with dynamic boundaries 238.00–330.00, approaching the resistance line as close as possible.

The four-hour chart shows that the probability of an upward movement after the breakout of the key level of the initial correction of 23.6% Fibonacci around 289.00 has increased significantly. The next target for quotes may be the basic correction of 38.2% Fibonacci around 366.00, and to reach it, the trading instrument needs to consolidate above the channel resistance line around 330.00.

Technical indicators reinforce the buy signal: the range of fluctuations of the EMA on the Alligator indicator expands in the direction of growth, and the histogram of the AO oscillator forms upward bars, rising in the buying zone.

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