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Chart of the Day: Netflix Consolidates After Earnings Surge
David Russell
October 31, 2023

Netflix jumped earlier this month after announcing results. It’s now consolidating, and some traders may see potential for more upside.

The first pattern on today’s chart is the bullish gap on October 19 following the quarterly report. Prices cleared a peak of $394.90 from two weeks prior and have remained there since. Has old resistance become new support?

Second …

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Netflix (NFLX), daily chart with selected patterns and indicators, courtesy of TradingView.
Tags: NFLX

About the author

David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.