Netflix Stock Price Reversed Trend on Wednesday, Will it Sustain Today?

Netflix stock price has been on a bearish side since last week.
The RSI indicator is ready to dive into the lower zone on the weekly time frame.
On Wednesday, Netflix share price was up 3.07% and jumped $6.58.

Nowadays people are immediately adopting OTT platform for entertainment. Thus, platforms like Amazon Prime, Disney Hotstar and Netflix, etc. are the best platforms ever. According to researchers, Netflix has been the first choice of couch potatoes since its launch. It was established on 29 August 1997 in Scotts Valley, California.

Netflix stock price has been underperforming for the past several weeks. In November 2021, the share price recorded its latest all-time high of $700.99, which has yet to be retested. From its latest top, Netflix’s stock price has fallen 70% so far. This fall kept the asset price below the $250 level in 2022.

RSI Displays Strong Negative Sign for NFLX Stock

NYSE:NFLX is looking under bear’s control as the weekly time frame shows selling on a high price strategy. On Wednesday, Netflix stock price was up 3.07% and it jumped $6.58 mark. Last night, the asset price was closed at $220.87 mark. Buyers are barely trying to keep the stock price above the key round level of $200. This round level is observed as a vital hedge zone of buyers.

On the weekly chart, Netflix stock price stays below the 0.236 zone of Fib retracement. Amid pump and dump, buyers often failed to manage bullish trend near $250 level, which is still valid as a resistance. Meanwhile, RSI indicator is ready to dive in lower territory from its overbought zone.

In terms of daily price, Netflix stock price remained below the green moving lines of the EMA Ribbon indicator. The 200 EMA was well above the current price of the given indicator. Due to the drop in prices, Netflix Inc’s market reached $ 98.22 billion. However, the average volume was recorded at $11.04 million.

The RSI indicator slips below the halfway point, turns bearish and shows further downside until the price reaches the $200 level – the conceptual round of support.

Conclusion

Netflix share price was raised last night this week. However, the technical indicator – the RSI – suggests a further decline in the price until the price reaches the $200 level – the conceptual round of support.

Support level – $200 and $160

Resistance level – $250 and $300

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing