Netflix’s Breakout May Boost Stock as Heading into Earnings
Updated
Netflix shares have broken out of a downtrend that has been in place since shares hit a record high intraday on March 9 around $331. But since falling and retesting support levels at $273, shares of Netflix have rebounded sharply, and with the stock now breaking out, rising above the downtrend, it may result in shares rising only modestly back to resistance around $324, a jump of just 3.5% from its current price around $313. However, should share rise above that resistance level, the stock will climb even higher and above the previous highs of $331
Trade closed: target reached
Netflix jumps more than 6% after-hours; company beats revenue and domestic subscriber estimates, EPS in-line with expectations.
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