The recent success of global hits like K-Pop: Demon Hunters and strong fundamentals give the stock a tailwind, and technically, the corrective and consolidative phase appears to be maturing.
Netflix is consolidating between $1198 and $1243, after rebounding from the $1,144 support level, which has proven to be a strong floor following the sharp correction from the $1341 high.
Price is currently trading under the 50% Fibonacci retracement of the last down leg. The structure suggests that the market is in a decision phase.
The RSI on the 4H timeframe is stabilizing in mid-range territory.
If the price continues to hold above $1198, this keeps the bias bullish.
A breakout above $1243 would likely trigger a move and possible retest of the prior high near $1341.
In my view, the most probable scenario is a move higher as long as the support holds.
My projection is for a period of consolidation, followed by a breakout toward $1340 in the coming weeks, provided $1198 is not broken.
Netflix is consolidating between $1198 and $1243, after rebounding from the $1,144 support level, which has proven to be a strong floor following the sharp correction from the $1341 high.
Price is currently trading under the 50% Fibonacci retracement of the last down leg. The structure suggests that the market is in a decision phase.
The RSI on the 4H timeframe is stabilizing in mid-range territory.
If the price continues to hold above $1198, this keeps the bias bullish.
A breakout above $1243 would likely trigger a move and possible retest of the prior high near $1341.
In my view, the most probable scenario is a move higher as long as the support holds.
My projection is for a period of consolidation, followed by a breakout toward $1340 in the coming weeks, provided $1198 is not broken.
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