HFM information and reviews
Octa information and reviews
FXCC information and reviews
FxPro information and reviews
FBS information and reviews
Vantage information and reviews

Netflix Stock Holds Steady in Bullish Territory as Market Anticipates Q4 Earnings

23 January 2024 Written by Stephane Dubois  Senior Market Analyst Stephane Dubois

Netflix's stock performance continues to exhibit a neutral stance as investors and analysts eagerly anticipate the release of the company's Q4 earnings after the market closes. Currently, the stock is navigating within a range that suggests a cautiously optimistic outlook from the market. Recently, Netflix shares were unable to achieve a breakthrough at the peak of the current short-term bullish channel. Additionally, despite reaching a record high of 502.35 a fortnight ago, the stock concluded trading below the highs witnessed in December. This pattern of trading has resulted in the stock remaining somewhat dormant, thereby tempering expectations for a robust bullish surge in the near term.

However, technical indicators offer a silver lining for bullish investors. The Relative Strength Index (RSI) has notably managed to stay above the 50 mark, which is generally considered neutral. This indicates that the stock has not yet lost its upward momentum. Furthermore, the stochastic oscillator, a momentum indicator, appears to be gearing up for a potential upturn. These factors collectively imply that an upward correction may still be a viable outcome, particularly if the stock price continues to operate within its current bullish formation.

A critical point of interest for traders will be the stock's behavior around the 61.8% Fibonacci retracement level of the 2021-2022 downtrend, which stands at 494. Surpassing this level could pave the way for an ascent towards the upper band of the bullish channel, projected around 520. Should the momentum gather greater strength, the stock might even aim to rechallenge the previously breached support trendline stemming from the lows of October, which is now at around 535.

Netflix Stock Holds Steady in Bullish Territory as Market Anticipates Q4 Earnings

Conversely, should Netflix's stock exit the bullish channel and fall below the 50-day Exponential Moving Average (EMA) at 467, a bearish scenario could unfold. Under such circumstances, the stock price might retreat towards the low recorded in December at 445.32. A decline beyond this point would be indicative of a nascent downward trend, potentially triggering further selling pressure targeting the 50% Fibonacci retracement level at 430.50.

In summary, Netflix's stock is currently maintaining a state of equilibrium, with market participants closely watching for a decisive move either above the 494 mark or below 467. This breakout will likely set the tone for the stock's short-term trajectory in the wake of the upcoming Q4 earnings report.

Share: Tweet this or Share on Facebook


Bitcoin and Ethereum in the eye of the storm?
Bitcoin and Ethereum in the eye of the storm?

The crypto market is "halfway to bitcoin euphoria" according to CryptoQuant. New bitcoin miners, who have held their assets for less than 155 days, hold up to 9% of the circulating BTC volume and continue to build up inventories in anticipation of rising prices.

17 Apr 2024

Fed hawks spook markets ahead of NFP
Fed hawks spook markets ahead of NFP

Hawks dominate latest round of Fed speak. Stocks slip, dollar rebounds. But rate cut odds little changed as US jobs report awaited. Yen firms after Ueda opens door to more rate hikes. Oil extends gains on geopolitical tensions, but gold pulls back.

5 Apr 2024

Dollar and gold rise in tandem as Fed rate cut bets pared back
Dollar and gold rise in tandem as Fed rate cut bets pared back

Dollar strengthens across the board after upbeat ISM as June cut hopes fade. Japan keeps up intervention rhetoric as yen stays under pressure; Gold undeterred by strong dollar, rebounds towards record high. Equities mixed ahead of crucial European and US data.

2 Apr 2024

What will happen to the gold price in 2024: Octa forecast
What will happen to the gold price in 2024: Octa forecast

According to many analysts' forecasts, the price of gold may increase in 2024. Octa explains in the article what factors will influence the dynamics of the gold price and what will happen to the market this year.

8 Mar 2024

EUR/USD Shows Strength Amid Anticipation of Key Events
EUR/USD Shows Strength Amid Anticipation of Key Events

The EUR/USD pair is exhibiting resilience, navigating around the 1.0850 mark on Tuesday, following a sequence of rises in the previous two sessions.

5 Mar 2024

Dollar stays on the backfoot ahead of key data, yen enjoys CPI lift
Dollar stays on the backfoot ahead of key data, yen enjoys CPI lift

Traders await some key data releases, RBNZ decision amid quiet start to the week. Yen broadly firmer after CPI beat, adds to dollar weakness as euro extends gains. Equity rally loses some steam but Bitcoin surges.

27 Feb 2024

Editors' Picks

The Top Forex Expert Advisors 2024: Performance, Strategy, and Reliability Review

An annual roundup reviewing the most successful Forex Expert Advisors (EAs) based on their performance, strategies employed, reliability, and user feedback. This piece would provide insights into which EAs have been market leaders and why.

The Evolution of Forex Expert Advisors: Navigating the Path of Technological Revolution

The concept of automated trading has been around for decades, but the accessibility and sophistication of Forex EAs have seen significant advancements in the past few years. Initially, automated trading systems were rudimentary, focusing on simple indicators like moving averages.

The Impact of EAs on Forex Trading: A Double-Edged Sword

By enabling continuous, algorithm-based trading, EAs contribute to the efficiency of the Forex market. They can instantly react to market movements and news events, providing liquidity and stabilizing currency prices through their high-volume trading activities.

MultiBank Group information and reviews
MultiBank Group
XM information and reviews
FP Markets information and reviews
FP Markets
FXTM information and reviews
AMarkets information and reviews
BlackBull information and reviews

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.