Netflix is on a Comeback?
I believe Netflix had great earnings. They basically erased the massive red mark on their record that they received when they announced losing over a million subscribers on their first earnings call of this year. The amount of subscribers they've attained throughout this year erases the big loss.
As for the long-term technical picture things are looking good. You can see in the picture below that Netflix has risen above a long-term downward trending resistance line that I have highlighted below. This is a bullish development.
In the short-term you can see that Netflix has been in a nice uptrending price channel with smooth parallel support and resistance trend lines. I have highlighted the points near these trend lines where the price experience reversals in price action. Take note that the price is near the resistance level of this price channel so there might be some selling on the very short-term time frame if this price channel will hold.
The indicators for the short-term picture mentioned above are experiencing oversold conditions. You can see this in the picture below. But remember that in a strong rally the osculating indicators will stay in oversold territory for quite some time. The chart below shows examples of this.
Last week was one of the best weeks for capital inflows in over 3 months. Apparently many investors approve of Netflix past few earnings since they keep buying up the shares.
The future outlook for Netflix should be good. They are consistently producing content in many countries and are adding countries regularly to their repertoire. With their recent adoption of advertisements on their platform they now have new avenues for more revenue streams. Video streaming is the future. I cant remember the last time I watched national publicly broadcasted television. You can find just about everything you would find on television on one of the many streaming platforms. So Netflix future looks bright. And with the current technical uptrend everything is looking pretty good so far.
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Mike Hunt : I once thought NFLX would be the first removed from FAANG. Now it looks like iit's the “F” which iisn't even F anymore.
SpyderCallOP Mike Hunt: so tou think this will go lower? crash just like meta?
solo invest SpyderCallOP: If we get another capitulation event then this will sell off with the rest of the sinking ship
TeslaSmurf SpyderCallOP: that guy has lost more money than hair and also banned me for not agreeing (I was right and he lost money… again)
Mike Hunt SpyderCallOP: I didn’t say that. I have no idea what will happen
Mr Trecherous TeslaSmurf: Shiiiiiiit
The Random Investor : It’ll soon be time to be a contrarian with Netflix with the sentiment so low along with these
5 Best Contrarian Stocks to Buy Now for Massive Upside After The Bear Market
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