Our previous post on Netflix was published a day before the company released its 22Q2 earnings.
In that post, we wrote: “today NFLX broke both its best respected body and wick resistance lines for the first time since they registered, back in December 2021.”
Together with that we noted: “Breaking the resistance lines, we shall add, wasn’t done with much conviction.“
Well, Netflix’s stock (NFLX) has shown conviction since then.
Here’s the daily chart, overlaid with the best respected body (39-day EMA) and wick (43-day EMA) daily resistance lines:
Zooming in:
Netflix demonstrates the break above the December resistance lines in the weekly chart as well:
That’s impressive.
Is that the beginning of a reversal in the stock price?
Let’s keep watching the NFLX’s price action with reference to these resistance lines.