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Netflix Inc. Trades within the Ascending Corridor

3/20/2023 3:07 PM

The shares of Netflix Inc., an American entertainment company and movie and series streaming service, are trading in a corrective trend at 303.00.

Leading analysts reconsider their outlook on the issuer's outlook after it cut prices by around 50.0% for approximately 6.0% of all platform subscribers. Analysts at Citibank NA suggest that the sharp negative dynamics may be related to the provision of the password exchange procedure, which the company implements in Canada and Spain. According to experts, it could bring the corporation a slight increase in revenue in the range of 1.0%, and for 2023 EPS is expected at 12.09 dollars, which is higher than the previous estimate of 11.15 dollars. However, for 2024, estimates for the indicator have been reduced to 14.69 dollars from 14.93 dollars previously, and the share price target has been raised to 400.0 dollars from 395.0 dollars previously.

Netflix Inc. Q1 financial report will be released on April 18, with economists suggesting revenue of 8.17B dollars, up from 7.85B dollars a quarter earlier. Quarterly EPS could be 2.88 dollars, well above 0.12 dollars previously.

On the daily chart, the trading instrument is moving within an ascending corridor, reversing towards the resistance line.

Technical indicators are holding a sell signal: fast EMAs of the Alligator indicator are below the signal line, and the AO histogram has begun to form rising bars in the sell zone, indicating a correction.

Resistance levels: 317.00, 350.00. | Support levels: 287.00, 250.00.

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