Netflix is chilling at the moment and has been moving sideways now for a year now. We saw some fast growth in their share value following the peak of the pandemic, but the buyers have not been able to keep up the momentum.
Consolidation periods usually follow strong trends but if the overall strength of the stock is still there, then price should be able to continue the trend sooner or later
The last consolidation period lasted for two years but we may not have to wait that long this time but either way, we will only take action if price breaks above the all-time high at $593.
Price is also hovering around the $500 round number, which is a psychological level of support & resistance.
As the overall trend is bullish, we are anticipating a breakout to the upside before considering opening up any positions.
This is quite an expensive stock, so it may not be suitable for all investors, but we cover other good-looking opportunities in our posts.
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