Following each of its last two earning reports (22Q1 and 21Q4), shares of Netflix (NFLX) dropped significantly and opened the next trading session with a noticeable gap down.
Tomorrow after the market closes (AMC), Netflix is scheduled to report its 22Q2 earnings.
We don’t attempt to predict the price action as a result of the earnings announcement, however, what we can note is that today NFLX broke both its best respected body and wick resistance lines for the first time since they registered, back in December 2021:
Zooming in:
Breaking the resistance lines, we shall add, wasn’t done with much conviction.
As the release of the 22Q2 earnings report is scheduled for AMC, we’re in for one additional candle prior to the market’s reaction.
Will we see NFLX continue up and above the resistance lines? Or will that be the point or turning?
Prepare your popcorn.