Netflix stock price had been in an aggressive bullish rally in the previous periods, challenging a fresh all-time peak at 449.32 on April 16.
The RSI and the MACD are confirming this strong upside tendency as both are gaining momentum in positive territories. However, the stochastic is suggesting an overbought market, as it has turned lower and posted a bearish crossover within the %K and %D lines above 80 area. Also, the 200-day simple moving average (SMAs) is flattening, while the 50-day SMA is sloping north.
The rebound on the 290 support drove the stock price towards the all-time high of 449.32 and any advances above this crucial level could attempt the 161.8% Fibonacci extension level of the downward move from 393 to 290 at 455.90. Even higher, the next stop could come from the 261.8% Fibo of 560.
On the flip side, a pullback could send prices towards the 23.6% Fibonacci retracement level of the up leg from 253 to 449.32 at 402.74. Below this, the price could meet the 393 and the 384.65 barriers ahead of the 38.2% Fibo of 374.36. Marginally beneath the latest level, the 50-day SMA at 369.57 could be in the spotlight.
In the long-term window, Netflix stock has been strongly positive since September 2019 and this outlook would continue if there is a successful climb above 449.32.
