Netflix (NASDAQ: NFLX) stock price is having a great week after a bounce from the trendline. Tech stocks are having a great month after strong earning reports from the tech giants like Google, Meta, Microsoft, and Amazon. Most of these stocks are already trading close to their yearly highs.
Netflix stock showed a very bullish price action on Thursday. The shares surged by 2.78% and closed the day at $344.76, its highest level since April 13. On a weekly timeframe, this translated into a 6.85% gain for the stock of the online streaming giant.
Netflix To Invest $2.5 Billion In Korea
According to the latest Netflix news, the company intends to invest $2.5 billion in Korean content over the next four years. This was mentioned by the Netflix Vice President of Korean Content, Don Kang. He also said that the company will double the number of nonfiction shows that it is currently producing.
In its recent Q1 earnings report, Netflix reported EPS of $2.88, which was slightly above the estimated $2.87. The revenue came slightly below the expectations of $8.18B and remained at $8.16B. The Netflix stock price showed a mixed reaction to the earnings and remained sideways until the start of May 2023.
Netflix Stock Price Bounces Off The Trendline
The following NASDAQ: NFLX chart shows that the stock has recently rebounded from the upwards trendline on the daily timeframe. This has led to a 9 % surge in just two weeks. The first target for the bulls is the April 2023 high of $350. A reclaim of the April high can send the price to $371 very quickly.
The price action at $371 will define the next move for the stock of the streaming service. For me, Netflix stock price forecast will remain bullish as long as the price holds the upward trendline shown on the following chart.
I’ll keep sharing my updated NASDAQ: NFLX forecast in my free Telegram group, which you are welcome to join.
