Trade of the Day – Netflix Inc. (NASDAQ: NFLX) November 2, 2023 117
Trade of the Day
Netflix Inc. (NASDAQ: NFLX)
(Current Price: US$420.19) – TECHNICAL BUY
Buy price: US$420.19 Stop loss: US$404.00 (-3.85%)
Take profit 1: US$437.00 (+4.00%) Take profit 2: US$448.00 (+6.62%)
(1): Netflix broke out of a downtrend resistance line after a sideways consolidation phase following its earnings release
(2): The US$396 previous swing high resistance level in October managed to act as recent support for the price to form a higher low
(3): The Moving Average Convergence Divergence (MACD) technical indicator is also showing increasing momentum
Should the price continue its current bullish momentum, it could potentially retest the first resistance level at US$437, which was a prior support level it broke in September.
It could then head towards the next resistance level at US$448, which was the horizontal resistance level in September.
Expected timeline of the trade is 1-4 weeks from the date of report issuance.
Our research team has a fundamental recommendation of “ACCUMULATE” with a target price of US$455.00.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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).