On Aug. 24, we noted, “Keep an eye on Netflix (NFLX). After finding double-bottom support at $400, the NFLX stock popped to $427.55. Now, if it can break above resistance at $440, it could potentially test $480 again. All thanks to its potential revenue surge from password crackdowns.”
At the time, Oppenheimer analysts had an outperform rating on the stock, with a $515 price target. Then, late last week, Loop Capital upgraded the stock to a buy rating, with a $500 price target, noting there are a few positive catalysts for the NFLX stock.
One, it has the ability to better withstand the current strike. This is thanks to NFLX’s unreleased content. Two, the analysts say the strike could hurt traditional television even more, pushing more folks. To steaming services.
Technically, if NFLX can break above resistance at $440, it could test prior resistance at $485. From there, it could see $500. Better, it’s just starting to pivot from its over-extensions on RSI, MACD, and Williams’ %R.
