Today’s instrument is the Netflix Inc. stock traded in the Nasdaq exchange under the ticker NFLX.
Image Source: Unsplash
If we look at the NFLX Daily chart, we can see it’s been trading in an uptrend for the past 6 months, climbing steadily and consolidating along the way holding onto its gains. It reached its all-time high of $646 during early September and since then it managed to hang around the $630 price range, between the $646 resistance and $623 temporary support. Its last traded price was $637.
Netflix Inc. has scheduled a third-quarter earnings announcement today 19/10/2021. If the earning expectations are surpassed, we could expect the price to move upwards, towards the $646 all-time high price level.
Today we could expect a further consolidation at the current level and possibly move towards the $655 range.
If however, it fails to hold above the current price range of $637 then a case can be made for moving towards the next support level at $623 and possibly below.
(Click on image to enlarge)
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