May 19 Chart of the Day - Netflix
It was just a short year ago that Netflix (NFLX) investors were wondering how much lower its stock price could go down. Price found a bottom around $165 area after free falling the prior six months from its all time high of $700.
Since July 2022 price has more than doubled closing at $371.29 yesterday and is now reaching for $400 and possibly even higher but not before having to deal with some overhead structure from a price action technical analysis perspective.
If price can break above and hold $400 then the next upside targets could be $431, $458, and $495. But price never moves in a straight line so expect some normal up/down market cycles if price continues its trend higher.
To the downside, if price were to fall back below $350 then that could put $320, $300, or even lower in play.
And while price has been moving in technically correct fashion only time will tell for sure what's ahead.
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