Trade of the Day – Netflix, Inc. (NASDAQ: NFLX) June 6, 2024 83

Trade of the Day

Netflix, Inc. (NASDAQ: NFLX)

(Current Price: US$650.27) – TECHNICAL BUY

Buy price: US$650.27    Stop loss: US$620.00 (-4.65%)    

Take profit: US$700.00 (+7.65%)   

 

 

 

 

 

 

 

 

 

 

 

 

(1) & (2): Netflix, Inc. found support at the US$635 level, confluent with an uptrend channel support and a previous horizontal resistance turned support level. This provides a bullish signal.

(3): The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are displaying increasing momentum, supporting the bullish view.

We expect the price to extend its bullish trend towards the Take profit level at US$700.00 to retest the previous swing high resistance formed in November 2021.

The expected timeline of the trade is 2-8 weeks from the date of report issuance.

Our research team has a fundamental recommendation of “ACCUMULATE” with a target price of US$640.00.

This counter is available for CFD trading and is available on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here or scan below:

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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