Netflix stock hits new record highs as the rally in the technology sector continues with the Nasdaq index also making fresh all-time highs, picking up the positive momentum from Chinese stocks in Asian trading session. Netflix capitalizes on the coronavirus crisis as more than 16-million clients sign up to Netflix for the first time in the first three times months of 2020 with companies management expected the trend to continue and the rest of the year.
Despite the rising competition in the sector Netflix market shear increased by 1.5% during the coronavirus lockdown. Netflix management assured investors that content release schedule would not be affected by the coronavirus crisis for the rest of the year, giving the company a strong advantage against its peers that face disruptions in the content productions.
Many analysts now believe that the company might take advantage of its strong position against the competition and increase membership prices, which would improve the company’s profitability. Netflix will report the second-quarter earnings report on July 16, 2020.
Netflix Daily Technical Analysis
Netflix share is 3.70% higher at 494.52, making fresh all-time highs, and the NFLX price is into unchartered territory. The technical outlook is clearly bullish, and higher levels might be on the cards as the RSI index leaves more room for upside.
On the upside, the first resistance will be met at $495.96, the all-time and daily high. Next resistance stands at the $500.00 psychological mark.
On the other hand, initial support stands at $479.80 today’s low. If the Netflix stock breaks below, then the next support will be met at $453.55 the low from July 1. A credible break might challenge the 50-day moving average at $437.32.