Asset Watch
Thursday, July 27, 2023
So, should you scoop up Netflix before the bullish sentiment returns?
On Jul. 25, the stock found support near its 10-week moving average. During most of the run from July 2022 to February 2023, Netflix also held above the key level and continued its uptrend. If it fails, next-level support is near $394, as it coincides with the February 2020 highs and the consolidation that took place from January to April 2022 before the next sell-off occurred. Unless a market-wide event unfolds, Netflix should stabilise in the weeks ahead.
Is the 10-week MA destined to hold, or will Netflix suffer a deeper correction?