[EN] Netflix at all-time highs // GaliortiTrading

NFLX in late July attacked the 61.8% Fibonacci of the entire previous decline since November 2021. It pulled back to its liquidity zone between $370-385 from which it has made a new impulse. Final target: new all-time highs.

1 M

On a long term chart we note that NFLX in July 2022 rested on its bullish trendline to develop a new bullish leg. Its final target for the next few years would be around $2,000.

1 W

In the shorter term on a weekly chart we observe that NFLX is developing a symmetrical triangle that is highly likely to break to the upside. The minimum target for such a breakout would take it to around $580. It should be remembered that the first obstacle after that breakout will be the 61.8% Fibonacci ($492) so it is likely to make a pull-back to the breakout line. In addition, the bearish gap from the end of July will be a resistance to be taken into account.

The 470-495$ is a great liquidity zone that will allow it to perform a new bullish wave with a first target at 580$ (target of the broken triangle) and a second target at new all-time highs.

1 D

The company's third quarter results have led to a large bullish gap with a large volume (the second largest of the year), this translates a great strength as demonstrated by the verticality of the rise. It is logical that in the coming days there could be a correction as prices hit the medium-term downtrend line. It will be a healthy and necessary correction to develop a new momentum that will allow it to definitively leave the 61.8% Fibonacci level.

Pablo G.