Market Analysis: NFLX Share Price Hits Year High

FXOpen

Since the beginning of the year, the NFLX share price has risen by about 55% (for comparison, the S&P 500 index growth was 16% over the same period), and yesterday NFLX reached a price of USD 450 per share — the highest since the beginning of the year.

Bullish sentiment in the market was facilitated by news from analysts at Goldman Sachs, who upgraded the rating of NFLX shares and raised the target price of NFLX shares from USD 230 to USD 400 (9% lower than the current one). Isn't it too late? As a reminder, we pointed to the growth prospects of NFLX stock on October 10, 2022.

Strong demand for NFLX shares in 2023 is supported by the release of quality content, as well as opinions that the company has managed to regain subscribers and successfully resist password cracking.

However, there are certain threats to the NFLX stock, which looks very strong within the channel shown in blue:

→ the psychological level of USD 450 per share, which shows signs of resistance;
→ yesterday's high of the year candle looks uncertain due to the long upper shadow. It may turn into a false breakdown of the June high;
→ Fundamental factor: Netflix's Q2 report is expected on July 19. If the data disappoints investors, it could lead to a pullback in the NFLX stock price to the lower border of the blue channel, or even a bearish breakout.

Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Shares

5 Stocks To Consider in March 2024 AAPL Share Price Rises Nearly 1% after Scrapping Electric Vehicle Plans AMZN Share Price Hits 25-Month High After Inclusion in DJIA Index NVDA Share Price Soars 11% after Report TSLA Share Price Rises Sharply amid News of Musk's Increased Stake in the Company

Latest articles

Shares

5 Stocks To Consider in March 2024

Here we are, beginning the last month of the first quarter of 2024, which has passed by in somewhat of a flash. Perhaps the apparent speed at which the spring is approaching can be attributed to what appears to be

Commodities

WTI Oil Price Reaches 4-month High against the Backdrop of OPEC+ Decision

On Friday, the price of a barrel of WTI crude oil exceeded USD 80 per barrel due to the decision to continue the policy of reducing oil production by OPEC+ countries. Saudi Arabia said on Sunday it would extend oil

Financial Market News

Weekly Market Wrap With Gary Thomson: CAC 40, AUD, OIL, AMAZON

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. European Stock Markets on

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.