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The Netflix stock price gained 13.09% on the last trading day (Wednesday, 19th Oct 2022), rising from $240.86 to $272.38. During the last trading day the stock fluctuated 6.34% from a day low at $262.66 to a day high of $279.30. The price has risen in 6 of the last 10 days and is up by 15.06% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 22 million more shares were traded than the day before. In total, 47 million shares were bought and sold for approximately $12.70 billion.
Cowen & Co. is very positive about NFLX and gave it a "$325.00 - $340.00" rating on Oct 19, 2022. The price target was changed from 325 to 340.Over the last 90 days, this security got 19 buy, 2 sell, and 0 hold ratings.
The stock has broken the wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $257.38, a level that may pose a second chance to hit a runner. According to fan-theory $299.44 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
The Netflix stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $236.57 and $233.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 11, 2022, and so far it has risen 27.11%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $240.86 and $223.88.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Netflix finds support just below today's level at $240.86. If this is broken, then the next support from accumulated volume will be at $223.88 and $216.44.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $16.64 between high and low, or 6.34%. For the last week, the stock has had daily average volatility of 6.61%.
Netflix holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Check full Netflix forecast and analysis here.