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Netflix Inc., Technical Analysis

1/9/2023 10:05 AM

Shares of Netflix Inc., an American entertainment company and movie and series streaming service, are trending correctively at 315.00.

On the daily chart, the price continues its upward trend within the global corridor with dynamic boundaries of 275.00–350.00, reversing near the support line.

On the four-hour chart, the upside potential is enhanced by the quotes being above the initial correction level of 23.6% Fibonacci at 292.00, which indicates a high probability of continued growth and reaching the next resistance at around 38.2% Fibonacci at 370.00. The downward movement is possible in case of reverse consolidation below 292.00.

Technical indicators reversed and gave a buy signal: the range of fluctuations of the EMA on the alligator indicator is preparing to expand upwards, and the histogram of the AO oscillator forms rising bars above the transition level.

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