Netflix's Remarkable Recovery Journey To Nearly $500 Per Share After Navigating A Steep 28% Drop In The Market

Zaheer Anwari

November 27, 2023

Netflix's stock has demonstrated resilience, recovering from a 28% decline between July and October 2023.
Currently experiencing a bullish trend, Netflix's stock has gained 61% this year, with a notable 16% increase this month.

Netflix Inc's (NASDAQ:NFLX) stock performance has attracted significant attention, mainly due to its recent price fluctuations.

The stock experienced a considerable downturn between July and October 2023, but has shown resilience by bouncing back.

During this period, the stock experienced a decline of 28%, causing concern among investors and market analysts.

However, the stock found support at the weekly 50 simple moving average, specifically around $360.

This support level played a crucial role in preventing further declines and acted as a catalyst for the stock's subsequent upward trend.

Netflix has recovered well, as it is currently up 38%, but has also significantly rebounded from a deep slump experienced between November 2021 and May 2022, where it saw a 76% decline.

From its lowest point during that time, there has been an impressive 191% surge to the upside.

The stock has experienced a 61% gain this year, including a notable 16% increase for November.

This strong upward trend indicates a bullish momentum. Yet, there are challenges on the horizon.

A crucial resistance level lies at $478, which holds significance as it was the lowest point in May 2021 and served as a turning point for the stock in July

The upcoming days and weeks will be pivotal in determining whether the stock can surpass this resistance level.

The stock faces a tough hurdle if it surpasses $478. Further ahead, it will confront psychological resistance at the significant milestone of $500.

This milestone is highly valued by investors and can greatly impact the current momentum. However, if Netflix manages to overcome this hurdle, it could lead to a significant surge. The next important resistance level to watch is the 2022 high of $609.

After the closing bell on Friday, November 24, the stock closed at $479.56, trading up by 0.30%.

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