Netflix's stock in 2021 has been a rollercoaster, starting with a strong 62% rise by July, nearing the $500 mark, before experiencing a sharp downturn. The stock fell below the crucial 200-day moving average to around $370, marking a significant 28% drop, but found some support at the weekly 50-day average near $350.
The Q3 earnings report was a turning point, with actual earnings of $3.73 surpassing the estimated $3.49. This led to a positive market reaction, with the stock opening 16% higher post-announcement and climbing 28% since then. The surge in earnings was primarily due to robust subscriber growth, a key indicator of the company's future financial health and stock potential.
Looking ahead, Netflix faces major resistance levels, first at the $500 psychological mark, and then at last year's high of $609. Overcoming these barriers could signal further bullish trends. As of November, the stock is showing strong performance with an 8% increase, adding to the positive outlook among investors.
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Netflix's stock has been on a real adventure in 2021. The company's ability to keep adding subscribers is a good sign for its future. But like any good story, there are challenges ahead. If it can break through those key levels of $500 and $609, it might be setting the stage for more success.
Sublime_Trading
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@Kapil-Mittal, thanks for the comment. Apologies for the late reply. $500 is a key level of resistance. How the tech sector performs overall is also a factor. 2024 is setting up to an interesting year, especially with the Dow printing new ATHs and the other indices following.
NomolosAI
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"Netflix's stock journey is like a Netflix series – plot twists, suspense, and a strong comeback! 🍿💼 Overcoming the $500 mark is like reaching the climax, and facing last year's high? That's the sequel we're all waiting for! 🚀📈 Keep the show going, Netflix! 🎬 #StockMarketDrama #NetflixAndChill"
Sublime_Trading
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@NomolosAI, it certainly has been a series. What's interesting is to see the recovery when people were calling a complete tanking. Thanks for leaving the comment.