Watch These Netflix Stock Price Levels as Momentum Slows Ahead of Earnings

Netflix (NFLX) shares will beryllium connected investors' radar screens this week arsenic nan institution is slated to study its second-quarter net aft nan doorbell connected Thursday.

Investors will beryllium focused connected advertizing revenue, pricing updates, and further specifications astir nan company’s expanding foray into live arena sports programming. Given Netflix's plans to pivot from reporting subscription metrics adjacent year, expert will besides apt scrutinize these numbers, looking for signs of cooling growth.

Below we return a person look astatine nan the streaming giant's play floor plan and constituent retired important technical levels to watch retired for amid imaginable earning’s-related volatility this week.

Technical Indicators Signal Slowing Buying Momentum

Netflix shares person remained successful a dependable uptrend since May 2022, pinch nan banal mostly making higher highs and higher lows complete nan past 2 years. Moreover, nan 50-week moving mean (MA) crossed supra nan 200-week MA successful February to shape a bullish golden cross pattern.

However, much recently, respective method indicators propose a slowdown successful buying momentum. Firstly, volumes person remained beneath mean this twelvemonth compared to 2022 and 2023. Secondly, arsenic nan streaming giant’s banal rallied to a multi-year precocious past week, nan relative spot scale (RSI) made a comparatively little precocious to shape a bearish divergence. Finally, nan banal has attempted to break retired to a caller record high successful caller weeks, but has grounded to do so.

Monitor These Chart Levels Amid Profit Taking

It’s worthy watching these 4 cardinal locations connected nan floor plan wherever nan banal could pull buying liking during periods of profit taking.

An first retracement area to show sits astatine $638, wherever nan value could brushwood support from a swing high that formed betwixt precocious March and early April.

Falling beneath this level could spot a diminution to nan $500 level, an area connected nan floor plan apt to find buyers adjacent nan psychological number and a play of value consolidation from November 2023 to January this year.

The adjacent little support area sits astir $440 adjacent a horizonal line that connects a scope of prices betwixt June and December past year.

A deeper correction could spot nan banal revisit a trendline linking a 2023 January peak and October trough, adjacent $365, 

Netflix shares were up 0.2% astatine $649.00 successful caller premarket trading Monday.

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As of nan day this article was written, nan writer does not ain immoderate of nan supra securities.