NETFLIX +15% near the 1D MA200 for the first time since January!Netflix (NFLX) had its highest daily opening in over one year, rising so far +15.21% form a 240.86 close yesterday to a 277.50 intra day peak. This is of course a fundamental move due to the big earnings surprise yesterday (3.1 EPS against a 2.18 forecast). Technically, this brings the price just below the 1D MA200 (orange trend-line), which has been untouched since January 05 2022!
A break above it has to be backed-up by new fundamentals though as there is a strong Resistance Cluster formed by both the 0.382 Fibonacci retracement level and the top (Higher Highs trend-line) of the Channel Up that started in mid-May. If that rejection occurs, then buying again on the 1D MA50 (blue trend-line) would be the most optimal low risk strategy, targeting just below the 0.5 Fibonacci level at 330.00. Further long-term buys can be taken, in our view, only above the 0.618 Fib which is the top of the High Volatility Zone of January - April 2022.
P.S. Check our previous analysis on Netflix in an attempt to price a good long-term buy. Has been working out very well so far:
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